Exercise 21-24 (Algo) Cash flows from operating activities (indirect method) [LO21-4) 21 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 $ 620 Cost of goods sold 217 Gross margin 403 Salaries expense $85 Depreciation expense 72 Amortization expense 5 Interest expense 12 Loss on sale of land 3 177 Income before taxes 226 Income tax expense 113 Net Income $ 113 MYRIAD PRODUCTS COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2021 and 2020 ($ in millions) Year 2021 2020 Change Cash $108 $104 $4 Accounts receivable 224 238 (14) Inventory 442 454 (12) Accounts payable 150 142 8 Salaries payable 82 90 (8) Interest payable 31 24 7 Income tax payable 21 14 7 Required: Prepare the cash flows from the operating activities section of the statement of cash flows for Myriad Products Company using the Indirect method (Enter your answers in millions (.e., 10,000,000 should be entered as 10), Amounts to be deducted should be indicated with a minus sign.) Required: Prepare the cash flows from the operating activities section of the statement of cash flows fc indirect method. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10). indicated with a minus sign.) ($ in millions) Cash Flows from Operating Activities: Adjustments for noncash effects: Changes in operating assets and liabilities: Net cash flows from operating activities $ 0