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1. When you examine the Statement of Cash Flows, you recognize an Asset Acquisition. What were the acquisitions? And how much did Choice Hotels spend?

1. When you examine the Statement of Cash Flows, you recognize an Asset Acquisition. What were the acquisitions? And how much did Choice Hotels spend?

2. What does the "Investment in intangible assets" item represent?

3. What does the "Principal payments on long-term debt" item represent?

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