60.1K

Verified Solution

Link Copied!

In preparation for developing its statement of cash flows for the year ended December $31,2024,$ Millennium Solutions, Incorporated collected the following information:

$($$ in millions$)$

Payment for the early extinguishment of long$-$term notes $($book value: $$100$ million$)$ $ $109\mathrm{.}8$

Sale of common shares $353\mathrm{.}8$

Retirement of common shares $245\mathrm{.}8$

Loss on sale of equipment $5\mathrm{.}8$

Proceeds from sale of equipment $17\mathrm{.}8$

Issuance of short$-$term note payable for cash $21\mathrm{.}8$

Acquisition of building for cash $15\mathrm{.}8$

Purchase of marketable securities $($not a cash equivalent$)11\mathrm{.}8$

Purchase of marketable securities $($considered a cash equivalent$)3\mathrm{.}8$

Cash payment for $3-$year insurance policy $7\mathrm{.}8$

Collection of note receivable with interest $($principal amount, $$22)27\mathrm{.}8$

Declaration of cash dividends $67\mathrm{.}8$

Distribution of cash dividends declared in $202361\mathrm{.}8$

Required:

Calculate the net cash inflow$/$outflow from the investing activities of Millennium's statement of cash flows for $2024.$

Calculate the net cash inflow$/$outflow from the financing activities of Millennium's statement of cash flows for $2024.$

Note: For all requirements, list any cash outflow with a minus sign. Enter your answers in millions rounded to $1$ decimal place $($i$.$e$.,5,500,000$ should be entered as $5\mathrm{.}5).$

Answer & Explanation Solved by verified expert

See Answer