Exercise 21-13 (Algo) Identifying cash flows from investing activities and financing activities [LO21-5, 21-6]

Exercise 21-13 (Algo) Identifying cash flows from investing activities and financing activities [LO21-5, 21-6]

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[The following information applies to the questions displayed below.]

In preparation for developing its statement of cash flows for the year ended December 31, 2024, Rapid Pac, Incorporated, collected the following information:

($ in millions)

Fair value of shares issued in a stock dividend $ 56.0

Payment for the early extinguishment of long-term bonds (book value: $78.0 million) 83.0

Proceeds from the sale of treasury stock (cost: $14.0 million) 19.0

Gain on sale of land 2.3

Proceeds from sale of land 6.9

Purchase of Microsoft common stock 136.0

Declaration of cash dividends 48.0

Distribution of cash dividends declared in 2023 44.0

Exercise 21-13 (Algo) Part 1

Required:

1. In Rapid Pac’s statement of cash flows, what were net cash inflows (or outflows) from investing activities for 2024?

Note: Cash outflows 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).