Exercise 21-24 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, 2016 ($ in millions) Sales $ 980 Cost of goods sold (343) Gross margin 637 Salaries expense $170 Depreciation expense 106 Patent amortization expense Interest expense 46 Loss on sale of land 4 (331) Income before taxes 306 Income tax expense (153) Net Income $ 153 MYRIAD PRODUCTS COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2016 and 2015 ($ in millions) Year 2016 2015 $150 $ 138 Change Cash $ 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 taxes payable 60 48 12 Required: Prepare the cash flows from 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.)