Problem 4-10 (Algo) Integration of financial statements; Chapters 3 and 4 [LO4-8]

The chief accountant for Grandview Corporation provides you with the companys 2021 statement of cash flows and income statement. The accountant has asked for your help with some missing figures in the companys comparative balance sheets. These financial statements are shown next ($ in millions).

GRANDVIEW CORPORATION Statement of Cash Flows For the Year Ended December 31, 2021
Cash Flows from Operating Activities:
Collections from customers	$	133
Payment to suppliers		(45	)
Payment of general & administrative expenses		(36	)
Payment of income taxes		(27	)
Net cash flows from operating activities					$	25
Cash Flows from Investing Activities:
Sale of investments						83
Cash Flows from Financing Activities:
Issuance of common stock		17
Payment of dividends		(8	)
Net cash flows from financing activities						9
Net increase in cash					$	117

GRANDVIEW CORPORATION Income Statement For the Year Ended December 31, 2021
Sales revenue				$	152
Cost of goods sold					50
Gross profit					102
Operating expenses:
General and administrative expense	$	36
Depreciation expense		28
Total operating expenses					64
Operating income					38
Other income:
Gain on sale of investments					12
Income before income taxes					50
Income tax expense					16
Net income				$	34

Required: 1. Calculate the missing amounts. 2. Prepare the operating activities section of Grandviews 2021 statement of cash flows using the indirect method.