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

		Dec. 31, 20Y2		Dec. 31, 20Y1
Assets
Cash		$183		$14
Accounts receivable (net)		55		49
Inventories		117		99
Land		250		330
Equipment		205		175
Accumulated depreciationequipment		(68)		(42)
	Total assets	$742		$625
Liabilities and Stockholders' Equity
Accounts payable (merchandise creditors)		$51		$37
Dividends payable		5		-
Common stock, $1 par		125		80
Paid-in capital in excess of parcommon stock		85		70
Retained earnings		476		438
	Total liabilities and stockholders' equity	$742		$625

The following additional information is taken from the records:

1. Land was sold for $120.
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 $62 credit to Retained Earnings for net income.
6. 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.

Olson-Jones Industries, Inc. Statement of Cash Flows For the Year Ended December 31, 20Y2

Cash flows from (used for) operating activities:
Cash received from sale of common stockDecrease in accounts receivableIncrease in inventoriesNet incomeNet loss	$- Select -
Adjustments to reconcile net income to net cash flow from operating activities:
Decrease in accounts receivableDepreciationIncrease in accounts receivableNet incomeLoss on sale of land	- Select -
Decrease in inventoriesGain on sale of landIncrease in accounts payableLoss on sale of land	- Select -
Changes in current operating assets and liabilities:
Decrease in accounts receivableDecrease in inventoriesDepreciationIncrease in accounts receivableNet income	- Select -
Decrease in accounts payableDecrease in accounts receivableDecrease in inventoriesIncrease in inventoriesNet income	- Select -
Cash paid for dividendsDecrease in accounts payableDepreciationIncrease in accounts payableNet income	- Select -
Net cash flow from operating activities		$fill in the blank 8b5a05fb7fd504c_13
Cash flows from (used for) investing activities:
Cash paid for dividendsCash received from sale of landDepreciationGain on sale of landNet income	$- Select -
Cash paid for purchase of equipmentCash received from sale of common stockDepreciationIncrease in inventoriesNet income	- Select -
Net cash flow from investing activities		fill in the blank 8b5a05fb7fd504c_18
Cash flows from (used for) financing activities:
Cash received from sale of common stockCash received from sale of landDecrease in accounts payableDepreciationNet income	$- Select -
Cash paid for dividendsCash received from sale of landDecrease in inventoriesIncrease in accounts receivableNet income	- Select -
Net cash flow from financing activities		fill in the blank 8b5a05fb7fd504c_23
Decrease in accounts payableDepreciationIncrease in accounts payableNet increase in cashNet income		$- Select -
Cash balance, January 1, 20Y2		fill in the blank 8b5a05fb7fd504c_26
Cash balance, December 31, 20Y2		$fill in the blank 8b5a05fb7fd504c_27

b. Was Olson-Joness net cash flow from operations more or less than net income?

The source(s) of the difference are:

1. Gain on the sale of land
2. Purchase of equipment
3. Sale of common stock
4. Changes in current operating assets and liabilities
5. Depreciation expense
6. Dividends paid