The comparative balance sheets for $2024$ and $2023$ and the statement of income fo

$2024$ are given below for National Intercable Company. Additional information from

NIC's accounting records is provided also. Additional information from the accounting records:

a$.$ Investment revenue includes National Intercable Company's $$6$ million share of

the net income of Central Fiber Optics Corporation, an equity method investee.

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

$$36$ million.

c$.$ Pretax accounting income exceeded taxable income, causing the deferred income

tax liability to increase by $$3$ million.

d$.$ Equipment that originally cost $$116$ million, and which was one$-$fourth depreciated,

was destroyed by fire. Some undamaged sections were sold for $$3$ million.

e$.$ The right to use a building was acquired on January $1,2024,$ with an eight$-$year

finance agreement; present value of lease payments, $$80$ million. Annual lease

payments of $$12$ million are paid on Jan. $1$ of each year starting in $2024.$

f$.$ $$144$ million of bonds were retired at maturity.

g$.$ $$20$ million par value of common stock was sold for $$30$ million, and $$64$ million of

preferred stock was sold at par.

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

Required:

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 $10).$

Amounts to be deducted should be indicated with a minus sign. Answer is not complete.

NATIONAL INTERCABLE COMPANY

Statement of Cash Flows

For the year ended December $31,2024$

$($ $ in millions$)$