Problem 13-12 (Algo) Prepare a Statement of Cash Flows [LO13-1, LO13-2] A comparative balance sheet and an income statement for Burgess Company are given below: Burgess Company Comparative Balance Sheet (dollars in millions) Ending Beginning Balance Balance Assets Current assets: Cash and cash equivalents Accounts receivable: Inventory Total current assets Property, plant, and equipment. Less accumulated depreciation Net property, plant, and equipment Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Accrued liabilities Income taxes payable Total current liabilities Bonds payable Total liabilities Stockholders' equity: Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity Burgess Company Income Statement (dollars in millions). Sales $ 4,480 Cost of goods sold Gross margin Selling and administrative expenses Net operating income Nonoperating items: Gain on sale of equipment 3,060 1,420 932 488 $ 65 $ 133 900 8221 780 714 1,745 1,669 1,765 1,718 926 729 839 989 $ 2,584 $ 2,658 $ 312 $ 186 206 129 144 98 647 428 545 860 1,192 1,288 275 275 1,117 1,095 1,392 1,370 $ 2,584 $ 2,658 Income before taxes Income taxes Net income Burgess also provided the following information: 2 490 164 $ 326 1. The company sold equipment that had an original cost of $64 million and accumulated depreciation of $33 million. The cash proceeds from the sale were $33 million. The gain on the sale was $2 million. 2. The company did not issue any new bonds during the year. 3. The company paid a cash dividend during the year. 4. The company did not complete any common stock transactions during the year.