Answered step by step
Verified Expert Solution
Question
1 Approved Answer
[The following information applies to the questions displayed below.] In preparation for developing its statement of cash flows for the year ended December 31, 2021,
[The following information applies to the questions displayed below.]
In preparation for developing its statement of cash flows for the year ended December 31, 2021, Rapid Pac, Inc., collected the following information:
($ in millions) | |||
Fair value of shares issued in a stock dividend | $ | 112.0 | |
Payment for the early extinguishment of long-term bonds (book value: $92.0 million) | 97.0 | ||
Proceeds from the sale of treasury stock (cost: $28.0 million) | 33.0 | ||
Gain on sale of land | 3.7 | ||
Proceeds from sale of land | 11.1 | ||
Purchase of Microsoft common stock | 164.0 | ||
Declaration of cash dividends | 62.0 | ||
Distribution of cash dividends declared in 2020 | 59.0 | ||
Required: 1. In Rapid Pacs statement of cash flows, what were net cash inflows (or outflows) from investing activities for 2021? (Amounts to be deducted should be indicated with a minus sign. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started