1) A comparative balance sheet and an income statement for Burgess Company are given below: Burgess Company Comparative Balance Sheet (dollars in millions) Ending Beginning Balance Balance Assets Current assets: Cash and cash equivalents $ 49 $ 79 Accounts receivable 645 580 Inventory 660 615 Total current assets 1,354 1,274 Property, plant, and equipment 1,515 1,466 Less accumulated depreciation 765 641 Net property, plant, and equipment 750 825 Total assets $ 2,104 S 2,099 Liabilities and Stockholders' Equity Current liabilities: Accounts payable 250 155 Accrued liabilities 190 165 Income taxes payable 76 70 Total current liabilities 516 390 Bonds payable 450 620 Total liabilities 966 1,010 Stockholders' equity: Common stock 161 161 Retained earnings 977 Total stockholders' equity 1, 138 1,089 Total liabilities and stockholders' s 2,104 $ equity 2,099 928 Burgess Company Income Statement (dollars in millions) Sales Coat of goods sold Gross margin Selling and administrative expenses Het operating Income Honoperating items: Gain on sale of equipment Income before taxes Income taxes Net Income $ 3,600 2,550 2,050 875 63 115 Burgess also provided the following information: The company old equipment that had an original cost of 13 million and accumulated depreciation of 58 million. The cash proceeds from the sale were $8 million. The gain on the sale was 53 million 1. The company did not issue any new bonds during the year. 2 The company paid a cash dividend during the year 3. The company did not complete any common stock transactions during the year Required: 1. Using the indirect method, prepare a statement of cash Bows for the year. (Enter your own la millions tot in dollars. Lhat any deduction is cash and cash outwas eative) 23