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Selected information from Jimmy Lean Hotdog Corporation's accounting records and financial statements for 2006 is as follows (amounts in millions):
Cash paid to acquire equipment $18
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 33
Cash paid to acquire office equipment 40
On its statement of cash flows, Jimmy Lean should report net cash outflows from investing activities of:
A) $13 Million
B) $23 Million
C) $38 Million
D) $39 Million
Post the journal entries to general ledger accounts. Prepare journal entries, in good form, to record the May transactions. Explanations are optional.
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