The comparative balance sheets for 2018 and 2017 and the statemer Company. Additional information from NIC's accounting records is on NATIONAL INTERCABLE COMPANY Comparative Balance Sheets December 31, 2018 and 2017 ($ in millions) 2018 2012 $ 155 174 463 (18) 455 (8) Assets Cash Accounts receivable Less: Allowance for uncollectible accounts Prepaid insurance Inventory Long-term investment Land Buildings and equipment Less: Accumulated depreciation Trademark 443 86 300 424 (166) 36 435 135 3ae 400 (145) 4e $1,783 $1,258 Liabilities Accounts payable Salaries payable Deferred income tax Lease liability Bands payable Less: Discount on bon Shareholders Equity common stock Paid-in capital-excess Preferred stock Retained earning 345 (48) 428 H. 40e 158 A21 $1,758 $1,783 NATIONAL INTERCABLE COMPANY Income Statement For Year Ended December 31, 2018 $ in millions Revenues Sales revenue Investment revenue Gain on sale of investments Expenses Cost of goods sold Salaries expense Depreciation expense Trademark amortization expense Bad debt expense Insurance expense Bond interest expense LOSs on building fire Income before tax Income tax expense Net income Additional information from the accounting records: a. Investment revenue includes National Intercable Company's $9 million Corporation, an equity method investee. A long-term investment in hondr ina 5 65a 25675 NATIONAL INTERCABLE COMPANY Income Statement For Year Ended December 31, 2018 sin millions) Revenues Sales revenue Investment revenue Gats on sale of investments Expenses Cost of goods sold Salaries expense Depreciation expense Trademark amortization expense Bad debt expense Insurance expense Band interest expense Lots on building fire Income before tax Income tax expense Net Income 67 683 Additional information from the accounting records: Investment revenue includes National Intercable Company's $9 million share of the net income of Central Fiber Optics Corporation, an equity method investee. b. A long-term investment in bonds, originally purchased for $58 mition, was sold for $65 million. Pretax accounting income exceeded taxable income causing the deferred income tax liability to increase by $5 million. d. A building that originally cost $96 million, and which was one fourth depreciated, was destroyed by fire. Some undamaged parts were sold for $5 million The right to use building was acquired with a seven-year lease agreement present value of lease payments. $120 million. Annual lease payments of $11 million are paid at Jan 1 of each year storting in 2018 $160 million of bonds were retired at maturity 9. $20 million par value of common stock was sold for $40 million, and $50 million of preferred stock was sold at par Shareholders were paid cash dividends of $64 million Required: 2. Prepare the statement of cash flows. Present cash flows from operating activities by the direct method. (Enter your answers in on 10,000,000 should be entered as 10.), Amounts to be deducted should be indicated with a minus sign.) NATIONAL INTERCARILE COMPANY Statement of Cash Flows For year ended December 31, 2018 in millions)