Prepare a cash flow statement for Holmes for 20X2, using the indirect method to present the operating section.

(Net cash outflows and amounts to be deducted should be indicated by a minus sign. Enter your answers in millions.)

Holmes Company reported the following balance sheets at December 31, 20X2 and 20X1: ($ in millions) Cash Accounts receivable Inventory Fixed assets Accumulated depreciation Total assets December 31, 20X2 20X1 $ 45 $ 40 170 175 250 230 500 400 (150) (120) $ 815 $ 725 Accounts payable Long-term debt Common stock Retained earnings Treasury stock Total liabilities and stockholders' equity $ 100 455 50 280 (70) $ 815 $ 80 425 50 200 (30) $ 725 Its income statement for 20X2 was as follows: ($ in millions) Sales Cost of sales Depreciation Other operating expenses Income before taxes Income taxes Net income $1,000 (670) (30) (100) 200 (42) $ 158 Additional information: During 20X2, Holmes had the following transactions: a. Declared and paid a common dividend of $78 million. b. Purchased additional fixed assets, but did not sell any. c. Issued $30 million of new debt. d. Paid interest on all its debt, and included the interest in Other operating expenses. e. Repurchased common shares, but did not issue any