Question: Please answer in proper format with all working clearly Required information [The following information applies to the questions displayed below.] In preparation for developing its
Please answer in proper format with all working clearly
Required information [The following information applies to the questions displayed below.] In preparation for developing its statement of cash flows for the year ended December 31, 2021, Rapid Pac, Inc., collected the following information: ($ in millions) Fair value of shares issued in a stock dividend $ 64.0 Payment for the early extinguishment of long-term bonds (book value: $80.0 million) 85.0 Proceeds from the sale of treasury stock (cost: $16.0 million) 21.0 Gain on sale of land 2.5 Proceeds from sale of land 7.5 Purchase of Microsoft common stock 140.0 Declaration of cash dividends 50.0 Distribution of cash dividends declared in 2020 46.0 Required: 1. In Rapid Pac's statement of cash flows, what were net cash inflows (or outflows) from investing activities for 2021? (Amounts to be deducted should be indicated with a minus sign. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).) ($ in millions) Cash Flows From Investing Activities: Net cash inflows (outflows) from investing activitiesO Required information [The following information applies to the questions displayed below.] In preparation for developing its statement of cash flows for the year ended December 31, 2021, Rapid Pac, Inc., collected the following information: ($ in millions) Fair value of shares issued in a stock dividend $ 64.0 Payment for the early extinguishment of long-term bonds (book value: $80.0 million) 85.0 Proceeds from the sale of treasury stock (cost: $16.0 million) 21.0 Gain on sale of land 2.5 Proceeds from sale of land 7.5 Purchase of Microsoft common stock 140.0 Declaration of cash dividends 50.0 Distribution of cash dividends declared in 2020 46.0 2. In Rapid Pac's statement of cash flows, what were net cash inflows (or outflows) from financing activities for 2021? (Amounts to be deducted 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).) (S in millions) Cash Flows from Financing Activities: Net cash inflows (outflows) from financing activities
Step by Step Solution
There are 3 Steps involved in it
1 Expert Approved Answer
Step: 1 Unlock
Question Has Been Solved by an Expert!
Get step-by-step solutions from verified subject matter experts
Step: 2 Unlock
Step: 3 Unlock
Students Have Also Explored These Related Accounting Questions!