Exercise 21-24 (Algo) Cash flows from operating activities (indirect method) 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 $ 980 Cost of goods sold 343 Gross margin 637 Salaries expense $170 Depreciation expense 106 Amortization expense 5 Interest expense 46 Loss on sale of land 331 Income before taxes 306 Income tax expense 153 Net Income $ 153 4. | MYRIAD PRODUCTS COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2021 and 2020 ($ in millions) Year 2021 2020 Change Cash $150 $138 $ 12 Accounts receivable 269 289 (20) Inventory 469 488 (19) Accounts payable 223 210 13 Salaries payable 111 124 (13) Interest payable 69 58 11 Income tax payable 60 48 12 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: Net income Adjustments for noncash effects: $ 153 Changes in operating assets and liabilities: Net cash flows from operating activities A 153