Selected information from Jimmy Corporations accounting records and financial statements for 2006 is as follows (amounts in millions):

Cash paid to acquire equipment. $18

Treasury stock purchased for cash. 25

Proceeds from sale of land and buildings. 45

Gain from the sale of land and buildings. 26

Investment revenue received. 33

Cash paid to acquire office equipment. 40

On its statement of cash flows, Jimmy should report net cash outflows from investing activities of:

1. $13 Million
2. $23 Million
3. $38 Million
4. $39 Million