Exercise 21-24 (Algo) Cash flows from operating activities (indirect method) (LO21-4) Portions of the financial statements for Myriad Products are provided below. MYRIAD PRODUCTS COMPANY Income Statement For the Year Ended December 31, 2021 ($ in millions) Sales $840 Cost of goods sold 294 Gross margin 546 Salaries expense $135 Depreciation expense 92 Amortization expense 5 Interest expense Loss on sale of land 268 Income before taxes 278 Income tax expense 139 Net Income $139 32 4 MYRIAD PRODUCTS COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2021 and 2020 ($ in millions) Year 2021 2020 Change Cash $129 $124 $ 5 Accounts 255 268 receivable (13) Inventory 462 474 (12) Accounts payable 188 182 6 Salaries payable 104 110 (6) Interest payable 48 44 4 Income tax 39 34 payable 5 Required: Prepare the cash flows from the operating activities section of the statement of cash flows for Myriad Products Company using the indirect 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.) $ ($ in millions) Cash Flows from Operating Activities: Adjustments for noncash effects: Changes in operating assets and liabilities: Net cash flows from operating activities $ 0 0