The comparative balance sheets for 2024 and 2023 and the income statement for 2024 are given in the next two sheets for Spartan Company. Additional information from Spartan's accounting records is provided as follows. . Investment revenue includes Spartan's $6 million share of the net income of Central Fiber Optics Corporation, an equity method investee. . A long-term investment in bonds, originally purchased for $30 million, was sold for $35 million c. Pretax accounting income exceeded taxable income. causing the deferred income tax liability to increase by $3 million. . A building that originally cost $60 million. and which was one-fourth depreciated, was destroyed by fire. Some undamaged sections were sold for $3 million. . 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 $12 million are paid on Jan. 1 of each year starting in 2024. f. $130 million of bonds were retired at maturity. . $20 million par value of common stock was sold for $30 million, and $50 million of preferred stock was sold at par. _|Shareholders were paid cash dividends of $30 million. Required: Prepare a spreadsheet for preparation of the statement of cash flows (direct method) of Spartan Company for the year ended December 31, 2024 . Prepare the statement of cash flows of Spartan Company for the year ended December 31, 2024. Present cash flows from operating activities by the direct method. (A reconciliation schedule is not required.) Spartan Corp. Income Statement For Year Ended ($ in millions) Revenues and gain: Sales revenue [nvestment revenue Gain on sale of treasury bills Expenses and loss: Cost of goods sold Salaries expense Depreciation expense Amortization expense Bad debt expense Insurance expense Interest expense Loss on sale of equipment Income before tax Income tax expense Net income 31-Dec-24 $320 15 125 55 25 13 30 42 $340 298 $42 20 $22 Spartan Corp Comparative Balance Sheets December 31, 2024 and 2023 ($ in millions) Assets Cash Accounts receivable Less: Allowance for uncollectible accounts Prepaid insurance Inventory Long-term investment Land Buildings and equipment Less: Accumulated depreciation Trademark Liabilities Accounts payable Salaries pavable Deferred tax liability Lease liability Bonds payable Less: Discount on bonds Shareholders Equity Common stock Paid-in capitalexcess of par Preferred stock Retained earnings 2024 2023 57 55 181 170 (&) (6) 7 12 170 165 66 90 150 150 290 270 (85) (75) 24 25 852 856 30 45 3 8 18 15 68 0 145 275 (22) (25) 310 290 05 85 50 0 155 163 852 856