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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

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
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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