Problem 21-11 Prepare a statement of cash flows; direct method ILO21-3, 21-8] The comparative balance sheets for 2016 and 2015 and the income statement for 2016 are given below for Arduous Company. Additional information from Arduous's accounting records is provided also. ARDUOUS COMPANY Comparative Balance Sheets December 31, 2016 and 2015 in millions) 2016 2015 Assets 134 90 Cash Accounts receivable 199 212 Investment revenue receivable 16 13 Inventory 209 214 Prepaid insurance 14 Long-term investment 184 134 Land 214 159 Buildings and equipment 421 418 Less: Accumulated depreciation (107) (138) Patent 40 44 1,329 1,162 Liabilities 59 83 Accounts payable Salaries payable 16 Bond interest payable 18 13 Income tax payable 21 23 Deferred income tax liability 29 17 Notes payable 27 Lease liability 91 224 293 Bonds payable Less: Discount on bonds (31) (34) Shareholders' Equity Common stock 455 419 Paid-in capital excess of par 109 94 Preferred stock Retained earnings 245 233 Less: Treasury stock (18) 1,329 1,162