Selected information from Jimmy 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 should report net cash outflows from investing activities of:
(A) $13 million
(B) $23 million
(C) $38 million
(D) $39 million