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Exercise 21-13 (Algo) Identifying cash flows from investing activities and financing activities [LO21-5, 21-6]

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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:

Fair value of shares issued in a stock dividend

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

($ in millions)
$ 56.0
83.0
19.0
2.3
6.9
136.0
48.0
44.0

Exercise 21-13 (Algo) Part 1

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).