The comparative balance sheets for $2024$ and $2023$ and the income statement for $2024$ are given in the next two sheets for Spartan

Company. Additional information from Spartan's accounting records is provided as follows.

a$.$ Investment revenue includes Spartan'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 $$30$ million, was sold for $$35$ million

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

d$.$ 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.

e$.$ 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 $2024.$

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

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

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

Required:

Prepare a spreadsheet for preparation of the statement of cash flows $($direct method$)$ of Spartan Company for the year

ended December $31,2024$

Prepare the statement of cash flows of Spartan Company for the year ended December $31,2024.$ Present cash flows

from operating activities by the direct method. $($A reconciliation schedule is not required.$)$ Spartan Corp. Spartan Corp.