In preparation for developing its statement of cash flows for the year ended December 31, 2024,...

 

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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) Proceeds from the sale of treasury stock (cost: $14.0 million) Gain on sale of land Proceeds from sale of land Purchase of Microsoft common stock Declaration of cash dividends Distribution of cash dividends declared in 2023 83.0 19.0 2.3 6.9 136.0 48.0 44.0 Required: 1. In Rapid Pac's statement of cash flows, what were net cash inflows (or outflows) from investing activities for 2024? Note: Cash outflows should be indicated with a minus sign. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5). Cash Flows From Investing Activities: Net cash inflows (outflows) from investing activities ($ in millions) 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) Proceeds from the sale of treasury stock (cost: $14.0 million) Gain on sale of land Proceeds from sale of land Purchase of Microsoft common stock Declaration of cash dividends Distribution of cash dividends declared in 2023 83.0 19.0 2.3 6.9 136.0 48.0 44.0 Required: 1. In Rapid Pac's statement of cash flows, what were net cash inflows (or outflows) from investing activities for 2024? Note: Cash outflows should be indicated with a minus sign. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5). Cash Flows From Investing Activities: Net cash inflows (outflows) from investing activities ($ in millions)

Answer rating: 100% (QA)

To prepare the statement of cash flows for Rapid Pac Incorporated for the year ended December 31 2024 we need to classify the given transactions into ... View the full answer