7. The comparative balance sheet of Olson-Jones Industries Inc. for December 31, 20Y2 and 20Y1, is as follows:

1		Dec. 31, 20Y2	Dec. 31, 20Y1
2	Assets
3	Cash	$488.00	$160.00
4	Accounts receivable (net)	278.00	201.00
5	Inventories	177.00	109.00
6	Land	400.00	448.00
7	Equipment	225.00	172.00
8	Accumulated depreciation-equipment	(58.00)	(29.00)
9	Total assets	$1,510.00	$1,061.00
10	Liabilities and Stockholders Equity
11	Accounts payable (merchandise creditors)	$176.00	$160.00
12	Dividends payable	28.00
13	Common stock, $1 par	103.00	55.00
14	Paid-in capital: Excess of issue price over parcommon stock	246.00	123.00
15	Retained earnings	957.00	723.00
16	Total liabilities and stockholders equity	$1,510.00	$1,061.00

The following additional information is taken from the records:

1.	Land was sold for $122.
2.	Equipment was acquired for cash.
3.	There were no disposals of equipment during the year.
4.	The common stock was issued for cash.
5.	There was a $339 credit to Retained Earnings for net income.
6.	There was an $105 debit to Retained Earnings for cash dividends declared.

Required:

A.	Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities. Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. Be sure to complete the heading of the statement. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments.

Labels and Amount Descriptions Amortization of intangible assets Cash used for dividends Cash used for purchase of equipment Cash from sale of common stock Cash from sale of land December 31, 20Y2 Decrease in accounts payable Decrease in accounts receivable Decrease in cash Decrease in inventories Depreciation For the Year Ended December 31, 20Y2Gain on sale of landIncrease in accounts payableIncrease in accounts receivableIncrease in cashIncrease in inventoriesLoss on sale of landNet cash flow from operating activitiesNet cash flow used for operating activitiesNet cash flow from investing activitiesNet cash flow used for investing activitiesNet cash flow from financing activitiesNet cash flow used for financing activitiesNet incomeNet loss