Malli Manufacturing Company purchased a three-month U.S. Treasury bill, to be classified as a cash equivalent. In the preparation of Malli's statement of cash flows, this purchase would

Select one:

a. Not be reported separately as a cash outflow, but the amount would be included in the cash balance at the end of the period.

b. Be treated as an outflow from financing activities.

c. Be treated as an outflow from operating activities.

d. Be treated as an outflow from investing activities.