Rapid Pac, Inc., collected the following information: Fair value of shares issued in a stock dividend Payment for the early extinguishment of long-term bonds (book value: $84.0 million) Proceeds from the sale of treasury stock (cost: $20.0 million) Gain on sale of land Proceeds from sale of land Purchase of Microsoft common stock Declaration of cash dividends Distribution of cash dividends declared in 2020 ($ in millions) $ 80.0 89.0 25.0 2.9 8.7 148.0 54.0 50.0
Rapid Pac, Inc., collected the following information: Fair value of shares issued in a stock dividend Payment for the early extinguishment of long-term bonds (book value: $84.0 million) Proceeds from the sale of treasury stock (cost: $20.0 million) Gain on sale of land Proceeds from sale of land Purchase of Microsoft common stock Declaration of cash dividends Distribution of cash dividends declared in 2020 ($ in millions) $ 80.0 89.0 25.0 2.9 8.7 148.0 54.0 50.0
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:In preparation
Rapid Pac, Inc., collected the following information:
Fair value of shares issued in a stock dividend
Payment for the early extinguishment of
long-term bonds (book value: $84.0 million)
Proceeds from the sale of treasury stock (cost: $20.0 million)
Gain on sale of land
Proceeds from sale of land
Purchase of Microsoft common stock
Declaration of cash dividends
Distribution of cash dividends declared in 2020
Exercise 21-13 (Algo) Part 1
Cash Flows From Investing Activities:
Net cash inflows (outflows) from investing activities
Required:
1. In Rapid Pac's statement of cash flows, what were net cash inflows (or outflows) from investing activities
(Amounts to be deducted should be indicated with a minus sign. Enter your answers in millions rounde
decimal place (i.e., 5,500,000 should be entered as 5.5).)
($ in millions)
($ in millions)
$ 80.0
0.0
89.0
25.0
2.9
8.7
148.0
54.0
50.0
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