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,$194.0 million of equipment was purchased to replace $140.0 million of equipment (95.0\% depreciated) sold at book value. b. In order to maintain the usual policy of paying cash dividends of $50.0 million, it was necessary for Red to borrow $50.0 million from its bank. Exercise 21-32 (Algo) Part 2 Required: Prepare the statement of cash flows (direct method) for Red, Incorporated. Use the T-account method to assist in your analysis. Vote: Cash outflows should be indicated with a minus sign. Enter your answers in millions rounded to 1 decimal place (i.e., 6,500,000 should be entered as 5.5). Cash inflows: 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,$194.0 million of equipment was purchased to replace $140.0 million of equipment (95.0\% depreciated) sold at book value. b. In order to maintain the usual policy of paying cash dividends of $50.0 million, it was necessary for Red to borrow $50.0 million from its bank. Exercise 21-32 (Algo) Part 2 Required: Prepare the statement of cash flows (direct method) for Red, Incorporated. Use the T-account method to assist in your analysis. Vote: Cash outflows should be indicated with a minus sign. Enter your answers in millions rounded to 1 decimal place (i.e., 6,500,000 should be entered as 5.5). Cash inflows