21.1 hw 3 - 1. Award: 26.66 out of 33.33

1.
Award: 26.66 out of 33.33 points
In 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 $ 60.0
Payment for the early extinguishment of
long­term bonds (book value: $79.0 million) 84.0
Proceeds from the sale of treasury stock (cost: $15.0 million) 20.0
Gain on sale of land 2.4
Proceeds from sale of land 7.2
Purchase of Microsoft common stock 138.0
Declaration of cash dividends 49.0
Distribution of cash dividends declared in 2015 45.0
Required:
1. In Rapid Pac’s statement of cash flows, what were net cash inflows (or outflows) from investing activities
for 2016? (Amounts to be deducted should be indicated with a minus sign. Enter your answers in
millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).)