The comparative balance sheets for $2024$ and $2023$ and the income statement for $2024$ are given below for Arduous Company. Additional information from Arduous$$s accounting records is provided also.

ARDUOUS COMPANY

Comparative Balance Sheets

December $31,2024$ and $2023$

$($$ in millions$)$

$20242023$

Assets

Cash $ $120$ $ $87$

Accounts receivable $196206$

Investment revenue receivable $1410$

Inventory $212206$

Prepaid insurance $1219$

Long$-$term investment $176131$

Land $208156$

Buildings and equipment $418412$

Less: Accumulated depreciation $(103)(132)$

Patent $3640$

$ $1,289$ $ $1,135$

Liabilities

Accounts payable $ $56$ $ $77$

Salaries payable $1422$

Interest payable $($bonds$)1610$

Income tax payable $1821$

Deferred tax liability $2314$

Notes payable $260$

Lease liability $800$

Bonds payable $221287$

Less: Discount on bonds $(28)(30)$

Shareholders$$ Equity

Common stock $448416$

Paid$-$in capital$$excess of par $10791$

Preferred stock $810$

Retained earnings $242227$

Less: Treasury stock $(15)0$

$ $1,289$ $ $1,135$

ARDUOUS COMPANY

Income Statement

For Year Ended December $31,2024$

$($$ in millions$)$

Revenues and gain:

Sales revenue $ $452$

Investment revenue $20$

Gain on sale of Treasury bills $4$ $ $476$

Expenses and loss:

Cost of goods sold $186$

Salaries expense $79$

Depreciation expense $12$

Amortization expense $4$

Insurance expense $13$

Interest expense $34$

Loss on sale of equipment $27$

Income tax expense $42397$

Net income $ $79$

Additional information from the accounting records:

Investment revenue includes Arduous Company$$s $$14$ million share of the net income of Demur Company, an equity method investee.

Treasury bills were sold during $2024$ at a gain of $$4$ million. Arduous Company classifies its investments in Treasury bills as cash equivalents.

Equipment originally costing $$82$ million that was one$-$half depreciated was rendered unusable by a flood. Most major components of the equipment were unharmed and were sold for $$14$ million.

Temporary differences between pretax accounting income and taxable income caused the deferred tax liability to increase by $$9$ million.

The preferred stock of Tory Corporation was purchased for $$31$ million as a long$-$term investment.

Land costing $$52$ million was acquired by issuing $$26$ million cash and a $12\%,$ four$-$year, $$26$ million note payable to the seller.

The right to use a building was acquired with a $15-$year lease agreement; present value of lease payments, $$88$ million. Annual lease payments of $$8$ million are paid at the beginning of each year starting January $1,2024.$

$$66$ million of bonds were retired at maturity.

In February, Arduous issued a stock dividend $(6\mathrm{.}4$ million shares$).$ The market price of the $$5$ par value common stock was $$7\mathrm{.}50$ per share at that time.

In April, $1$ million shares of common stock were repurchased as treasury stock at a cost of $$15\mathrm{.}00$ million.

Required:

Prepare the statement of cash flows of Arduous Company for the year ended December $31,2024.$ Present cash flows from operating activities by the direct method.

Note: Do not round your intermediate calculations. Enter your answers in millions $($i$.$e$.,10,000,000$ should be entered as $10).$ Amounts to be deducted should be indicated with a minus sign.