Dec. 31, 2012 Dec. 31, 2011 Assets Cash $183 $14 Accounts receivable (net) 55 49 Inventories 117 99 Land 250 330 205 175 Equipment Accumulated depreciation-equipment (68) (42) Total assets $742 $ $625 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) Dividends payable $51 $37 5 125 80 Common stock, $1 par Paid-in capital in excess of par-common stock Retained earnings 85 70 476 438 Total liabilities and stockholders' equity $742 $625 The following additional information is taken from the records: a. Land was sold for $120. b. Equipment was acquired for cash. c. There were no disposals of equipment during the year. d. The common stock was issued for cash. e. There was a $62 credit to Retained Earnings for net income. f. There was a $24 debit to Retained Earnings for cash dividends declared. a. Prepare a statement of cash flows, using the indirect method of presenting Cash flows from operating activities. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments. Cash flows from (used for) operating activities: Net income Adjustments to reconcile net income to net cash flow from operating activities: I II III Changes in current operating assets and liabilities: Net cash flow from operating activities Cash flows from (used for) investing activities: Net cash flow from investing activities Cash flows from (used for) financing activities: Net cash flow from financing activities Cash balance, January 1, 20Y2 Cash balance, December 31, 2012 $ b. Was Olson-Jones's net cash flow from operations more or less than net income? The source(s) of the difference are: a. Gain on the sale of land b. Purchase of equipment c. Sale of common stock d. Changes in current operating assets and liabilities e. Depreciation expense f. Dividends paid