Selected information from Large Corporation's accounting records and financial statements for 2016 is as follows ($ in millions):

Cash paid to acquire a patent$28

Treasury stock purchased for cash 25

Proceeds from sale of land and buildings45

Gain from the sale of land and buildings26

Investment revenue received 5

Cash paid to acquire office equipment40

Large prepares its financial statements in accordance with IFRS. In its statement of cash flows, Large most likely reports net cash outflows from investing activities of:

a.$18 million.

b.$28 million.

c.$38 million.

d.$68 million.