Prepare the statement of cash flows for Red Inc. using the indirect method to report operating activites. Thanks!

Comparative balance sheets for 2021 and 2020 , a statement of income for 2021 , and additional information from the accounting records of Red, Inc, are provided below. Additional information from the accounting records: a. During 2021,$240 million of equipment was purchased to replace $180 milition of equipment (90\% depreciated) sold at book value b. In order to maintain the usual policy of paying cash dividends of $32 milion. it was necessacy for Red to borrow $32 million from its bank. RED, INC Statement of Cash Flows For year ended December 31, 2021 (\$ in millions) Cash fiows from operating activities: Net income Adjustments for noncash effects: Depreciation expense Changes in operating assets and liabilities: Increase in accounts receivable Increase in inventory Increase in prepaid insurance Decrease in accounts payable Decrease in accrued liabilities Net oash flows from operating activities Cash flows from investing activities: Purchase of equipment Sale of equipment Net caah flows from investing activities \begin{tabular}{l} Cash flows from finanoing activities: \\ Payment of dividends \\ Issuance of note payable \\ Issuance of bonds payable \\ \hline Net cash flowa from financing activities \\ Netinorease fdecrease) in oash \\ Cash balance. January 1 \\ \hline Cash balance. December 31 \\ \hline \end{tabular}