Working from Operating Cash Flows to Net Income
The Blunt Instrument Company reports cash flow from operations of $65 million for 2001.You are provided the following additional information for the year:
1. Customer accounts receivable increased by $6 million.
2. Dividends paid to common shareholders were $20 million.
3. Depreciation expense was $24 million.
4. Noncurrent debt was increased by $35 million.
5. Supplier accounts payable decreased by $8 million.
6. Inventory balances increased by $18 million.
7. Income tax payable increased by $9 million.
Required
Based on the above information, determine the amount of net income reported by Blunt for 2001.