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Problem 4-10 Version 3 Integration of financial statements; Chapters 3 and 4 [L04-8] The chief accountant for Grandview Corporation provides you with the company's 2021

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Problem 4-10 Version 3 Integration of financial statements; Chapters 3 and 4 [L04-8] The chief accountant for Grandview Corporation provides you with the company's 2021 statement of cash flows and income statement. The accountant has asked for your help with some missing figures in the company's comparative balance sheets. These financial statements are shown next (5 in millions) GRANDVIEW CORPORATION Statement of Cash Flows For the Year Ended December 31, 2021 Cash Flows from Operating Activities: Collections from customers $126 Payment to suppliers (43) Payment of general & administrative expenses (33) Payment of income taxes (24) Net cash flows from operating activities $ 26 Cash Flows from Investing Activities: Sale of investments 80 Cash Flows from Financing Activities: Issuance of common stock 14 Payment of dividends (9) Net cash flows from financing activities Net increase in cash $111 5 GRANDVIEW CORPORATION Income Statement For the Year Ended December 31, 2021 Sales revenue $140 Cost of goods sold 47 Gross profit 93 Operating expenses: General and administrative expense$33 Depreciation expense 25 Total operating expenses 58 Operating income 35 Other income: Gain on sale of investments 20 Income before income taxes 55 Income tax expense 15 Net income $ 40 831 Required: 1. Calculate the missing amounts. 2. Prepare the operating activities section of Grandview's 2021 statement of cash flows using the indirect method GRANDVIEW CORPORATION Balance Sheets At December 31 2021 2020 Assets: Cash 180 ? ? 99 60 75 2 165 165 (95) ? ? ? Accounts receivable Investments Inventory Property, plant & equipment Less: Accumulated depreciation Total assets Liabilities and Shareholders' Equity Accounts payable Accrued liabilities (for selling & admin, expense) Income taxes payable Common stock Retained earnings Total liabilities and shareholders' equity 54 45 24 24 ? 37 259 245 ? 33 ? ? Required: 1. Calculate the missing amounts. 2. Prepare the operating activities section of Grandview's 2021 statement of cash flows using the indirect method

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