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Statement of Cash Flows-Indirect Method The comparative balance sheet of Olson-Jones Industries Inc. for December 31, 2012 and 2041, is as follows: Dec. 31, 2012 Dec. 31, 2011 Ass Cash $183 $14 Accounts receivable (net) 55 49 Inventories 117 99 Land 250 330 Equipment 205 175 Accumulated depreciation-equipment (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 par-common stock 85 70 Retained earnings 476 438 Total abilities and stockholders' equlty $742 $625 The following additional information is taken from the records: a. Land was sold for $120. b. Equipment was acquired for cash. 6. 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 324 debit to Retained Earnings for cash dividends declared Check My Work There was a $24 debt to Retained Earrings for cash dividends dedare - Prepare a statement of cash flows, wing the indirect method of presenting how to operating at the minus sign to indicate cash out now.cash payment decrease in any w justments Olson-Jones Industries, Inc. Statement of Cash Flows For the Year Ended December 31, 2012 Cash flows from cued for operating activities Net income Adjunts to recondition to iet cath flow from operating activities Depreciation Gain on sale of land Oranges in current pratings and the Increase in accounts receivable Increase in inventories Increase in accounts payable v Net cash flow from operating activities Cash flows from used to investing activities Cash received from sale of land Cash paid for purchase of equipment 0 l bobl 0 Netcash from investigacties Cashews from used for financing activities Cash recived from sale a common stock Cek My Work Sent for Grading For the Year Ended December 31, 20Y2 Cash flows from (used for) operating activities: Net income Adjustments to reconcile net income to net cash flow from operating activities: Depreciation Gain on sale of land Changes in current operating assets and liabilities: Increase in accounts receivable Increase in inventories Increase in accounts payable Net cash flow from operating activities Cash flows from (used for) investing activities: Cash received from sale of land JU DO DIO IO Cash paid for purchase of equipment Net cash flow from investing activities Cash flows from (used for) financing activities: Cash received from sale of common stock Cash paid for dividends Net cash flow from financing activities Net increase in cash Cash balance, January 1, 2012 Cash balance, December 31, 20Y2 Check My Work