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2. value: 10.00 points The following information has been reported by Laporte Inc. on its statements of financial position at December 31, 2016 and 2017, and on its statement of earnings for the year ended December 31, 2017. Amounts are in millions of dollars: 2016 37 Statements of Financial Position 2017 Cash $ 96 Accounts receivable Merchandise inventory 31 Long-term investments Property, plant, and equipment 205 Accumulated depreciation (81) $ 71 27 35 163 (99) Total assets $ 288 $218 $ 7 Accounts payable Income taxes payable Long-term borrowings Contributed capital Retained earnings 27 6 83 121103 51 41 Total liabilities and shareholders' equity $ 288 $218 Statement of Earnings Sales Cost of sales $ 149 (87) Gross profit Depreciation expense Other operating expenses 62 (13) (35.5) 13.5 Earnings from operations Gain on sale of investments Loss on sale of equipment (5) 17.5 Earnings before income tax Income tax expense 7.0 Net earnings $ 10.5 Additional information is as follows: a. Old equipment was sold for cash during 2017. It had an original cost of $43 and an accumulated depreciation of $31. b. A new building was acquired during the year in exchange for a long-term note for $60, payable in five years. In addition, new equipment was purchased for cash. Required: 1. Prepare a statement of cash flows for Laporte Inc. for the year ended December 31, 2017 by using the direct method. (Negative answers should be indicated by a minus sign. Enter your answers ir millions.) LAPORTE INC. Statement of Cash Flows For the Year Ended December 31, 2017 Cash flows from operating activities: Cash payments: $ 0.0 Net cash used for operating activities Cash flows from investing activities: Net cash flow from investing activities Cash flows from financing activities: Net cash flow from financing activities 0.0 0.0 Cash balance, January 1, 2017 Cash balance, December 31, 2017 or 31 2017 $ 0.0

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