The comparative balance sheets for 2021 and 2020 and the income statement for 2021 are given below for Arduous Company. Additional information from Arduouss accounting records is provided also.

ARDUOUS COMPANY Comparative Balance Sheets December 31, 2021 and 2020 ($ in millions)
	2021				2020
Assets
Cash	$	280			$	96
Accounts receivable		205				209
Investment revenue receivable		21				19
Inventory		220				215
Prepaid insurance		19				23
Long-term investment		156				125
Land		211				165
Buildings and equipment		489				415
Less: Accumulated depreciation		(112	)			(135	)
Patent		59				61
	$	1,548			$	1,193
Liabilities
Accounts payable	$	65			$	95
Salaries payable		21				26
Interest payable (bonds)		23				19
Income tax payable		27				29
Deferred tax liability		26				23
Notes payable		23				0
Lease liability		137				0
Bonds payable		230				290
Less: Discount on bonds		(23	)			(26	)
Shareholders Equity
Common stock		430				410
Paid-in capitalexcess of par		142				130
Preferred stock		90				0
Retained earnings		366				197
Less: Treasury stock		(9	)			0
	$	1,548			$	1,193

ARDUOUS COMPANY Income Statement For Year Ended December 31, 2021 ($ in millions)
Revenues and gain:
Sales revenue	$	675
Investment revenue		56
Gain on sale of treasury bills		2		$	733
Expenses and loss:
Cost of goods sold		195
Salaries expense		88
Depreciation expense		12
Amortization expense		2
Insurance expense		22
Interest expense		43
Loss on sale of equipment		21
Income tax expense		51			434
Net income				$	299

Additional information from the accounting records:

1. Investment revenue includes Arduous Companys $6 million share of the net income of Demur Company, an equity method investee.
2. Treasury bills were sold during 2021 at a gain of $2 million. Arduous Company classifies its investments in Treasury bills as cash equivalents.
3. Equipment originally costing $70 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.
4. Temporary differences between pretax accounting income and taxable income caused the deferred tax liability to increase by $3 million.
5. The preferred stock of Tory Corporation was purchased for $25 million as a long-term investment.
6. Land costing $46 million was acquired by issuing $23 million cash and a 15%, four-year, $23 million note payable to the seller.
7. The right to use a building was acquired with a 15-year lease agreement; present value of lease payments, $144 million. Annual lease payments of $7 million are paid at the beginning of each year starting January 1, 2021.
8. $60 million of bonds were retired at maturity.
9. In February, Arduous issued a stock dividend (4 million shares). The market price of the $5 par value common stock was $8 per share at that time.
10. In April, 1 million shares of common stock were repurchased as treasury stock at a cost of $9 million.

Prepare the statement of cash flows for Arduous Company. Use the T-account method to assist in your analysis. (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.) ARDUOUS COMPANY Statement of Cash Flows For year ended December 31, 2021 ($ in millions) Cash flows from operating activities: Cesh inflows: From customers Payment of dividends Cesh outflows: To suppliers of goods To employees For interest For income taxes S 0 Net cash flows from operating activities Cash flows from investing activities: Sale of equipment Purchase of long-term investment Purchase of land 0 Net cash flows from investing activities Cash flows from financing activities: Sale of preferred stock Retirement of bonds payable Payment on lease liability Purchase of treasury stock Payment of dividends 0 Net cash flows from financing activities Net increase in cash Cash balance, January 1 Cash balance, December 31 Noncash investing and financing activities: From sale of cash equivalents S 0