Problem - Selected information from Large Corporation's accounting records and financial statements for 2016 is as follows ($ in millions):
Cash paid to acquire a patent $28
Treasury stock purchased for cash 25
Proceeds from sale of land and buildings 45
Gain from the sale of land and buildings 26
Investment revenue received 5
Cash paid to acquire office equipment 40
Large prepares its financial statements in accordance with IFRS. In its statement of cash flows, Large most likely reports net cash outflows from investing activities of:
a. $18 million.
b. $28 million.
c. $38 million.
d. $68 million.