The comparative balance sheets for 2021 and 2020 and the income statement for 2021 are given below for Arduous Company Additional information from Arduous's accounting records is provided also. ARDUOUS COMPANY Comparative Balance Sheets December 31, 2021 and 2020 ($ in millions) 2021 2020 Assets Cash 118 $ 85 Accounts receivable 194 202 Investment revenue receivable 10 8 Inventory 213 204 Prepaid insurance 8 14 Long-term investment 168 129 Land 204 154 Buildings and equipment 416 408 Less: Accumulated depreciation (100) (128) Patent 37 39 $ 1,268 $ 1,115 Liabilities Accounts payable 54 $ 73 Salaries payable 10 20 Interest payable (bonds) 12 8 Income tax payable 16 21 Deferred tax liability 19 12 Notes payable 25 Lease liability 80 8 Bonds payable 219 283 Less: Discount on bonds (26) Shareholders' Equity Common stock 442 414 Paid-in capital-excess of par 103 89 Preferred stock 79 Retained earnings 248 229 (13) @ Less: Treasury stock $ 1,268 $ 1,115 (34) ARDUOUS COMPANY Income Statement For Year Ended December 31, 2021 ($ in millions) Revenues and gain: Sales revenue $ 439 Investment revenue 15 Gain on sale of Treasury bills 2 $456 Expenses and loss: Cost of goods sold 184 Salaries expense 77 Depreciation expense 11 Amortization expense 2 Insurance expense 11 Interest expense 32 Loss on sale of equipment 26 Income tax expense 40 383 Net income $ 73 Additional Information from the accounting records: a. Investment revenue includes Arduous Company's $10 million share of the net income of Demur Company, an equity method Investee. b. Treasury bills were sold during 2021 at a gain of $2 million, Arduous Company classifies its investments in Treasury bills as cash equivalents. c. Equipment originally costing $78 million that was one half depreciated was rendered unusable by a flood. Most major components of the equipment were unharmed and were sold for $13 million d. Temporary differences between pretax accounting income and taxable income caused the deferred tax liability to increase by $7 e. The preferred stock of Tory Corporation was purchased for $29 million as a long-term investment. f. Land costing $50 million was acquired by Issuing $25 million cash and a 10%, four-year, $25 million note payable to the seller. g. The right to use a building was acquired with a 15-year lease agreement, present value of lease payments. $86 million. Annual lease payments of $6 million are paid at the beginning of each year starting January 1, 2021 1. in February, Arduous issued dividend (5.6 million shares). The market price of the $5 par value common stock was $7.50 per share at that time. In April, 1 million shares of common stock were repurchased as treasury stock at a cost of $13.00 million million. Required: Prepare the statement of cash flows of Arduous Company for the year ended December 31, 2021. Present cash flows from operating activities by the direct method. (Do not round your Intermediate calculations. Enter your answers in millions (i.e., 10,000,000 should be entered as 10.). Amounts to be deducted should be indicated with a minus sign.) ARDUOUS COMPANY Statement of Cash Flows For year ended December 31, 2021 ($ in millions) Cash flows from operating activities: Cash inflows: Cash outflows: $ 0 Net cash flows from operating activities Cash flows from investing activities: 0 Net cash flows from investing activities Cash flows from financing activities: 00 Net cash flows from financing activities Net increase (decrease in cash Cash balance, January 1 Cash balance, December 31 Noncash investing and financing activities: $ 0