The following excerpts, all of which related to the equity investment account, were taken from the 2014 annual report of AT&T (dollars in millions):

REQUIRED:
a. The footnotes indicate that $226 in equity investments in affiliates was made in 2014. Estimate how much was sold in affiliates during 2014.
b. What would you expect to see on AT&T€™s 2014 statement of cash flows related to this investment activity?
c. Explain why equity income is or is not a good measure of the cash AT&T received from its equity investments.

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2014 2013 BALANCE SHEET $3,860 Investment in affiliates $250 INCOME STATEMENT Equity in net income of affiliates 642 175 FOOTNOTES Dividends received from affiliates 148