The comparative balance sheets for $2024$ and $2023$ and the statement of income for $2024$ are given below for National Intercable Company. Additional information from NIC$$s accounting records is provided also.

NATIONAL INTERCABLE COMPANY

Comparative Balance Sheets

December $31,2024$ and $2023$

$($$ in millions$)$

$20242023$

Assets

Cash $ $57$ $ $55$

Accounts receivable $181170$

Less: Allowance for uncollectible accounts $(8)(6)$

Prepaid insurance $712$

Inventory $170165$

Long$-$term investment $6690$

Land $150150$

Buildings and equipment $290270$

Less: Accumulated depreciation $(85)(75)$

Trademark $2425$

$ $852$ $ $856$

Liabilities

Accounts payable $ $30$ $ $45$

Salaries payable $38$

Deferred tax liability $1815$

Lease liability $680$

Bonds payable $145275$

Less: Discount on bonds $(22)(25)$

Shareholders' Equity

Common stock $310290$

Paid$-$in capital$$excess of par $9585$

Preferred stock $500$

Retained earnings $155163$

$ $852$ $ $856$

NATIONAL INTERCABLE COMPANY

Income Statement

For Year Ended December $31,2024$

$($$ in millions$)$

Revenues

Sales revenue $ $320$

Investment revenue $15$

Gain on sale of investments $5$ $ $340$

Expenses

Cost of goods sold $125$

Salaries expense $55$

Depreciation expense $25$

Amortization expense $1$

Bad debt expense $7$

Insurance expense $13$

Interest expense $30$

Loss on sale of building $42298$

Income before tax $42$

Income tax expense $20$

Net income $ $22$

Additional information from the accounting records:

Investment revenue includes National Intercable Company's $$6$ million share of the net income of Central Fiber Optics Corporation, an equity method investee.

A long$-$term investment in bonds, originally purchased for $$30$ million, was sold for $$35$ million.

Pretax accounting income exceeded taxable income, causing the deferred income tax liability to increase by $$3$ million.

A building that originally cost $$60$ million, and which was one$-$fourth depreciated, was destroyed by fire. Some undamaged sections were sold for $$3$ million.

The right to use a building was acquired with a seven$-$year lease agreement; present value of lease payments, $$80$ million. Annual lease payments of $$12$ million are paid on Jan. $1$ of each year starting in $2024.$

$$130$ million of bonds were retired at maturity.

$$20$ million par value of common stock was sold for $$30$ million, and $$50$ million of preferred stock was sold at par.

Shareholders were paid cash dividends of $$30$ million.

Required:

$2.$ Prepare the statement of cash flows. Present cash flows from operating activities by the direct method.

Note: Enter your answers in millions $($i$.$e$.,10,000,000$ should be entered as $10)$