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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

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 $ 114 $ 86
Accounts receivable 195 204
Investment revenue receivable 12 9
Inventory 213 205
Prepaid insurance 10 18
Long-term investment 172 130
Land 207 155
Buildings and equipment 424 410
Less: Accumulated depreciation (99 ) (130 )
Patent 33 37
$ 1,281 $ 1,124
Liabilities
Accounts payable $ 55 $ 75
Salaries payable 12 21
Interest payable (bonds) 14 9
Income tax payable 17 19
Deferred tax liability 21 13
Notes payable 26 0
Lease liability 87 0
Bonds payable 220 285
Less: Discount on bonds (27 ) (30 )
Shareholders Equity
Common stock 445 415
Paid-in capitalexcess of par 105 90
Preferred stock 80 0
Retained earnings 240 227
Less: Treasury stock (14 ) 0
$ 1,281 $ 1,124

ARDUOUS COMPANY Income Statement For Year Ended December 31, 2021 ($ in millions)
Revenues and gain:
Sales revenue $ 460
Investment revenue 16
Gain on sale of treasury bills 3 $ 479
Expenses and loss:
Cost of goods sold 185
Salaries expense 78
Depreciation expense 9
Amortization expense 4
Insurance expense 12
Interest expense 33
Loss on sale of equipment 28
Income tax expense 41 390
Net income $ 89

Additional information from the accounting records:

Investment revenue includes Arduous Companys $12 million share of the net income of Demur Company, an equity method investee.

Treasury bills were sold during 2021 at a gain of $3 million. Arduous Company classifies its investments in Treasury bills as cash equivalents.

Equipment originally costing $80 million that was one-half depreciated was rendered unusable by a flood. Most major components of the equipment were unharmed and were sold for $12 million.

Temporary differences between pretax accounting income and taxable income caused the deferred tax liability to increase by $8 million.

The preferred stock of Tory Corporation was purchased for $30 million as a long-term investment.

Land costing $52 million was acquired by issuing $26 million cash and a 10%, 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, $94 million. Annual lease payments of $7 million are paid at the beginning of each year starting January 1, 2021.

$65 million of bonds were retired at maturity.

In February, Arduous issued a stock dividend (6.0 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 $14 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 (i.e., 10,000,000 should be entered as 10).)

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