86%(7)6 out of 7 people found this document helpful
This preview shows page 1 - 2 out of 3 pages.
The preview shows page 1 - 2 out of 3 pages.
1.Award: 26.66 out of 33.33 pointsIn preparation for developing its statement of cash flows for the year ended December 31, 2016, Rapid Pac,Inc., collected the following information:($ in millions)Fair value of shares issued in a stock dividend$ 60.0Payment for the early extinguishment oflongterm bonds (book value: $79.0 million)84.0Proceeds from the sale of treasury stock (cost: $15.0 million)20.0Gain on sale of land2.4Proceeds from sale of land7.2Purchase of Microsoft common stock138.0Declaration of cash dividends49.0Distribution of cash dividends declared in 201545.0Required:1.In Rapid Pac’s statement of cash flows, what were net cash inflows (or outflows) from investing activitiesfor 2016?(Amounts to be deducted should be indicated with a minus sign. Enter your answers inmillions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).)