The comparative balance sheets for 2016 and 2015 and the statement of income for 2016 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 $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 parts 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.
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:
1. Prepare a spreadsheet for preparation of the statement of cash flows (direct method) of National Intercable Company for the year ended December 31, 2016.
2. Prepare the statement of cash flows. (A reconciliation schedule is not required.)

NATIONAL INTERCABLE COMPANY Comparative Balance Sheets December 31, 2016 and 2015 (S in millions) 2016 2015 S 69 173 Cash Accounts receivable Prepaid insurance Inventory Long-term investment S 55 164 12 165 90 150 170 150 Buildings and equipment Less: Accumulated depreciation Trademark (85) 24 (75) 25 $856 Liabilities Accounts payable Salaries payable Deferred income tax liability Lease liability Bonds payable S 30 S 45 18 15 145 275 (25) Less: Discount on bonds Shareholders' Equity Common stock 310 95 50 155 Paid-in capital excess of par Preferred stock Retained earnings 163 $856 NATIONAL INTERCABLE COMPANY Income Statement For Year Ended December 31, 2016 ($ in millions) Revenues Sales revenue Investment revenue Gain on sale of investments $320 15 S 340 Expenses Cost of goods sold Salaries expense Depreciation expense Trademark amortization expense Insurance expense Bond interest expense Loss on building fire 125 25 20 30 Income before tax Income tax expense Net income 298 42 20 $ 22