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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 $ 62 $ 870 127 795 Accounts receivable Inventory 765 702 Total current assets 1,697 1,624 Property, plant, and equipment Less accumulated depreciation 1,735 908 1,691 720 Net property,plant, and equipment 827 971 Total assets $2,524 $2,595 Liabilities and Stockholders' Equity Current liabilities: Accounts payable Accrued liabilities Income taxes payable $306 $ 203 123 183 147 95 Liabilities and Stockholders' Equity Current liabilities: Accounts payable Accrued liabilities Income taxes payable $ 306 $ 183 203 147 123 95 Total current liabilities Bonds payable 632 425 830 530 Total liabilities 1,255 1,162 Stockholders' equity: Common stock Retained earnings 260 260 1,102 1,080 Total stockholders' equity 1,340 1,362 Total liabilities and stockholders' equity $2,524 $2,595 Burgess Company Income Statement (dollars in millions) $4.390 3,000 Sales Cost of goods sold Gross margin Selling and administrative expenses 1,390 926 Net operating income Nonoperating items: Gain on sale of equipment 464 2 466 Income before taxes Income taxes 158 $ 308 Net income Burgess also provided the following information: 1. The company sold equipment that had an original cost of $58 million and accumulated depreciation of $30 million. The cash proceeds from the sale were $30 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. Required: 1. Using the indirect method, prepare a statement of cash flows for the year. (Enter your answers in millions not in dollars. List any deduction in cash and cash outflows as negative amounts.) Burgess Company Statement of Cash Flows Operating activities: Adjustments to convert net income to cash basis: Investing activities: Investing activities: Financing activities: Beginning cash and cash equivalents Ending cash and cash equivalents