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Milliken Company paid $7.20 million to purchase stock in another company, $3.50 million to repurchase treasury shares, $6.75 million to buy short-term investments, sold used
Milliken Company paid $7.20 million to purchase stock in another company, $3.50 million to repurchase treasury shares, $6.75 million to buy short-term investments, sold used equipment for $1.05 million when its book value was $4.35 million, and purchased new equipment for $5.9 million. What was the net cash flow from investing activities?
a. $22.30 million net cash outflow.
b. $11.30 million net cash outflow.
c. $18.80 million net cash outflow.
d. $22.85 million net cash outflow.
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