Excerpts from The HLH Company statement of cash flows as
Excerpts from The HLH Company statement of cash flows, as adapted, appear as follows:


As the chief executive officer of The HLH Company, your duty is to write the management letter to your stockholders explaining HLH’s major investing activities during 2014. Compare the company’s level of investment with previous years, and indicate how the company financed its investments during 2014. Net income for 2014 was $4,123million.
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