I would greatly appreciate help with this question. Please include the work and detailed steps. I am struggling most with calculating the net income from the given information, please include the steps on how to calculate net income. Thank you so much in advance.

The comparative balance sheet of Olson-Jones Industries Inc. for December 31,20Y2 and 20Y1, is as follows: December 31, December 31, 20Y220Y1 Assets Cash $183$14 Accounts receivable (net) Inventories Land Equipment \begin{tabular}{rc} 205 & 175 \\ (68) & (42) \\ \hline$742 & $625 \\ \hline \hline \end{tabular} Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $51$37 Dividends payable Common stock, $1 par 5 Paid-in capital in excess of par-common stock Retained earnings Total liabilities and stockholders' equity \begin{tabular}{cc} 476 & 438 \\ \hline$742 & $625 \\ \hline \hline \end{tabular} 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 (used for) operating activities. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments. For the Year Ended December 31, 20Y2 Line Item Description Cash flows from (used for) operating activities: Adjustments to reconcile net income to net cash flow from (used for) operating activities: Changes in current operating assets and liabilities: Cash flows from (used for) investing activities: $ Cash flows from (used for) financing activities: Cash balance, January 1, 20Y2 Cash balance, December 31,20Y2 b. Was Olson-Jones's net cash flows from operating activities 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 c. Dividends paid