The comparative balance sheets for 2021 and 2020 and the statement of income for 2021 are given below for National Intercable Company. Additional information from NIC's accounting records is provided also. NATIONAL INTERCABLE COMPANY Comparative Balance Sheets December 31, 2021 and 2020 ($ in millions) 2021 2020 $ 130 329 $ (11) Assets Cash Accounts receivable Less: Allowance for uncollectible accounts Prepaid insurance Inventory Long-term investment Land Buildings and equipment Less: Accumulated depreciation Trademark 306 59 210 330 (110) 28 $1,275 110 320 (9) 10 300 99 210 310 (100) 30 $1,271 $ 41 5 $ 60 8 26 Liabilities Accounts payable Salaries payable Deferred tax liability Lease liability Bonds payable Less: Discount on bonds Shareholders' Equity Common stock Paid-in capital-excess of par Preferred stock Retained earnings 66 140 (27) 300 (31) 330 135 310 105 60 499 499 $1,271 $1,275 NATIONAL INTERCABLE COMPANY $ 450 16 7 $ 473 NATIONAL INTERCABLE COMPANY Income Statement For Year Ended December 31, 2021 ($ in millions) Revenues Sales revenue Investment revenue Gain on sale of investments Expenses Cost of goods sold Salaries expense Depreciation expense Amortization expense Bad debt expense Insurance expense Interest expense Loss on sale of building Income before tax Income tax expense Net income Additional information from the accounting records: a. 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 $40 million, was sold for $47 million. c. Pretax accounting income exceeded taxable income, causing the deferred income tax liability to increase by $6 million. d. A building that originally cost $60 million, and which was one-fourth depreciated, was destroyed by fire. Some undamaged sections were sold for $4 million. e. The right to use a building was acquired with a seven-year lease agreement; present value of lease payments, $80 million. Annual lease payments of $14 million are paid at Jan. 1 of each year starting in 2021. f. $160 million of bonds were retired at maturity. g. $20 million par value of common stock was sold for $50 million, and $60 million of preferred stock was sold at par. h. Shareholders were paid cash dividends of $26 million. Required: 2. Prepare the statement of cash flows. Present cash flows from operating activities by the direct method. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10.). Amounts to be deducted should be indicated with a minus sign.) For the year ended December 31, 2021 ($ in millions) Cash flows from operating activities: Cash inflows: Cash outflows: Net cash flows from operating activities Cash flows from investing activities: Net cash flows from investing activities Cash flows from financing activities: Net cash flows from financing activities Net increase (decrease) in cash Cash balance, January 1 Cash balance, December 31 Noncash investing and financing activities