Portions of the financial statements for Myriad Products are provided below. $ 760 228 532 MYRIAD PRODUCTS COMPANY Income Statement For the Year Ended December 31, 2021 ($ in millions) Sales Cost of goods sold Gross margin Salaries expense $115 Depreciation expense 84 Amortization expense 5 Interest expense 24 Loss on sale of land Income before taxes Income tax expense Net Income 4 232 300 150 $ 150 MYRIAD PRODUCTS COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2021 and 2020 ($ in millions) Year 2021 2020 Change Cash $126 $116 $ 10 Accounts receivable 239 256 (17) Inventory 448 466 (18) Accounts payable 180 166 14 Salaries payable 88 102 (14) Interest payable 49 36 13 Income tax payable 36 26 10 1 1 Required: Prepare the cash flows from operating activities section of the statement of cash flows for Myriad Products Company using the direct method. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) Answer is complete but not entirely correct. ($ in millions) Cash Flows from Operating Activities: Depreciation expense $ 84 Amortization expense 5% Loss on sale of land X 4 Cash received from customers Cash paid to suppliers (14) X Cash paid to employees (14) X Cash paid for interest (13) Cash paid for income taxes (10) Net cash flows from operating activities 59 17 $