Required Information [The following information applies to the questions displayed below] Portions of the financial statements for Hawkeye Company are provided below. $ 910 355 555 HAWKEYE COMPANY Income Statement For the Year Ended December 31, 2021 ($ in millions) Sales Cost of goods sold Gross margin Operating expenses: Salaries Depreciation Loss on sale of land Total operating expenses Operating income Other income (expense): Gain on sale of cash equivalents Interest expense Income before tax Income tax expense Net income $ 233 191 10 434 121 (41) 84 42 $ 42 HAWKEYE COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2021 and 2020 (s in millions) Year 2021 2020 Change Cash $ 214 $201 $ 13 Accounts receivable 396 423 (27) Inventory 862 851 12 Accounts payable 210 (25) Salaries payable 190 (9) Interest payable 57 51 6 Income tax payable 91 106 (15) 236 181 hees Required: 1. Prepare the cash flows from operating activities section of the statement of cash flows for Hawkeye Company using the direct method (Enter your answers in millions (l.e., 10,000,000 should be entered as 10). Amounts to be deducted should be Indicated with a minus sign.) Cash Flows from Operating Activities Net cash flows from operating activities $ 0 od Required: 2. Prepare the cash flows from operating activities section of the statement of cash flows for Hawkeye Company using the Indirect method (Enter your answers in millions (l.e., 10,000,000 should be entered as 10). Amounts to be deducted should be indicated with a minus sign.) Cash Flows from Operating Activities Austments for noncash effects cos Changes in operating assets and abilities Net cash flows from operating activities