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A comparative balance sheet and an income statement for Burgess Company are given below: Burgess...

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Accounting

A comparative balance sheet and an income statement for Burgess Company are given below:
Burgess also provided the following information:
The company sold equipment for $31 million that originally cost $60 million with accumulated depreciation
on the sale was $2 million.
The company did not issue any new bonds
Required:
1. Using the indirect method, prepare a statement of cash flows.
Note: Enter your answers in millions not in dollars. List any deduction in cash and cash outflows as negative amounts.A comparative balance sheet and an income statement for Burgess Company are given below:
Burgess also provided the following information:
The company sold equipment for $31 million that originally cost $60 million with accumulated depreciation of $31 million. The gain
on the sale was $2 million.
The company did not issue any new bonds, or complete any common stock transactions during the year.
Required:
Using the indirect method, prepare a statement of cash flows.
Note: Enter your answers in millions not in dollars. List any deduction in cash and cash outflows as negative amounts.
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