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 $ 97 226 Assets Cash Accounts receivable Investment revenue receivable Inventory Prepaid insurance Long-term investment Land Buildings and equipment Less: Accumulated depreciation Patent $ 136 206 22 221 20 204 228 437 (112) 49 $1,411 20 216 29 141 166 432 (152) 51 $1,226 $ $ Liabilities Accounts payable Salaries payable Interest payable (bonds) Income tax payable Deferred tax liability Notes payable Lease liability Bonds payable Loss Discount on bonds Shareholders' Equity Common stock Paid-in capital-excess of pan Preferred stock Retained earning Less: Treasury stock 66 22 24 28 43 31 98 231 (38) 97 34 20 31 24 0 0 307 (44) 426 101 478 127 91 235 (25 $1,411 230 0 $1,226 $ 554 27 2 $ 583 ARDUOUS COMPANY Income Statement For Year Ended December 31, 2021 ($ in millions) Revenues and gain! Sales revenue Investment revenue Gain on sale of treasury bills Expenses and loss: Cost of goods sold Salaries expense Depreciation expense Amortization expense Insurance expense Interest expense Loss on sale of equipment Income tax expense Net income 196 89 11 2 23 44 29 52 446 $ 137 Additional information from the accounting records a. Investment revenue includes Arduous Company's $22 million share of the net income of Demur Company, an equity method Investee b, Treasury bills were sold during 2021 at again of $2 million Arduous Company classifies its investments in Treasury bills as cash equivalents c Equipment originally costing 5102 million that was one-half depreciated was rendered unusable by a flood. Most major components of the equipment were unharmed and were sold for $22 million d. Temporary differences between pretax accounting income and taxable income caused the deferred tax liability to increase by $19 million e. The preferred stock of Tory Corporation was purchased for $41 million as a long term investment 1. Land costing $62 million was acquired by Issuing $31 million cash and a 12% four year, $31 million note payable to the seller 9. The right to use a building was acquired with a 15-year lease agreement present value of lease payments, $107 million Annual Jease payments of $9 million are paid at the beginning of each year starting January 1, 2021 h $76 million of bonds were retired at maturity In February, Arduous issued a stock dividend (10,4 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 $25 million Required: Prepare the statement of cash flows for Arduous Company using the indirect method (Amounts to be deducted should be indicated with a minus sign. Enter your answers in millions (ie. 10,000,000 should be entered as 10). ARDUOUS COMPANY Statement of Cash Flows For year ended December 31, 2021 (s in millions) Cash flows from operating activities Net income Adjustments for noncash effects Changes in operating assets and habilities Net cash flows from operating activities S $ 0 Net cash flows from operating activities Cash flows from investing activities 0 Net cash flows from investing activities Cash flows from financing activities: 0 Net cash flows from financing activities Net increase in cash Cash balance, January 1 Cash balance, December 31 Noncash investing and financing activities $ 0