The following excerpts, all of which related to the equity investment account, were taken from the 2008 annual report of AT&T (dollars in millions):

REQUIRED:a. The statement of cash flows indicates that no equity investments in affiliates were sold in 2008. Estimate how much was invested in affiliates during 2008.b. What would you expect to see on AT&??s 2008 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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2008 2007 BALANCE SHEET Investment in affiliates $2,332 $2,270 INCOME STATEMENT Equity in net income of affiliates 819 692 FOOTNOTES Dividends received from affiliates 165