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 ($ in millions).

GRANDVIEW CORPORATION

Statement of Cash Flows

For the Year Ended December 31, 2021Cash Flows from Operating Activities:Collections from customers $84

Payment to suppliers(35)

Payment of general & administrative expenses(21)

Payment of income taxes(12)

Net cash flows from operating activities

$16Cash Flows from Investing Activities:

Sale of investments68

Cash Flows from Financing Activities:

Issuance of common stock13

Payment of dividends(8)

Net cash flows from financing activities5

Net increase in cash$89

GRANDVIEW CORPORATION

Income Statement

For the Year Ended December 31, 2021

Sales revenue$92

Cost of goods sold35

Gross profit57

Operating expenses:

General and administrative expense $21

Depreciation expense13

Total operating expenses

34Operating income

23Other income:

Gain on sale of investments12

Income before income taxes35

Income tax expense8

Net income$27

Required:

1.Calculate the missing amounts.

2.Prepare the operating activities section of Grandview's 2021 statement of cash flows using the indirect method.