Comparative balance sheets for $2024$ and $2023,$ a statement of Income for $2024,$ and additional information from the

accounting records of Red, Incorporated, are provided below:

Additional information from the accounting records:

a$.$ During $2024,$ $$238\mathrm{.}0$ million of equipment was purchased to replace $$160\mathrm{.}0$ million of equipment

depreciated$)$ sold at book value.Prepare the statement of cash flows $($direct method$)$ for Red, Incorporated. Use the T$-$account method to assist in your analysis.

Note: Cash outflows should be Indicated with a minus sign. Enter your answers in millions rounded to $1$ decimal place $($I$.$e$.,$

$5,500,000$ should be entered as $5\mathrm{.}5).$

b$.$ In order to maintain the usual policy of paying cash dividends of $$100\mathrm{.}0$ million, it was necessary for Red to borrow

$$100\mathrm{.}0$ million from its bank.Comparative balance sheets for $2024$ and $2023,$ a statement of Income for $2024,$ and additional information from the

accounting records of Red, Incorporated, are provided below:

Additional information from the accounting records: