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$)$

$2024$

$2023$

Assets

Cash

$$57$

$$55$

Accounts receivable

$181$

$170$

Less: Allowance for uncollectible accounts

$(8)$

$(6)$

Prepaid insurance

$7$

$12$

Inventory

$170$

$165$

Long$-$term investment

$66$

$90$

Land

$150$

$150$

Buildings and equipment

$290$

$270$

Less: Accumulated depreciation

$(85)$

$(75)$

Trademark

$24$

$25$

$$852$

$$856$

Liabilities

Accounts payable

$$30$

$$45$

Salaries payable

$3$

$8$

Deferred tax liability

$18$

$15$

Lease liability

$68$

$0$

Bonds payable

$145$

$275$

Less: Discount on bonds

$(22)$

$(25)$

Shareholders$$ Equity

Common stock

$310$

$290$

Paid$-$in capital$$excess of par

$95$

$85$

Preferred stock

$50$

$0$

Retained earnings

$155$

$163$

$$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

$42$

$298$

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.

page $1272$

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:

Prepare a spreadsheet for preparation of the statement of cash flows $($direct method$)$ of National Intercable Company for the year ended December $31,2024.$

Prepare the statement of cash flows. $($A reconciliation schedule is not required.$)$