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

Statement of Cash Flows-Indirect Method The comparative balance sheet of Olson-Jones Industries Inc. for December 31, 20Y2 and 2041, is as follows: Dec. 31, 20Y2 Dec. 31, 20Y1 Assets Cash $100 $31 56 39 Accounts receivable (net) Inventories 35 21 Land 81 88 Equipment 45 34 Accumulated depreciation equipment (12) (6) Total Assets $305 $207 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $38 $31 Dividends payable 6 20 10 Common stock, $1 par , Paid-in capital: Excess of issue price over par- common stock 53 24 Retained earnings 188 142 Total liabilities and stockholders' equity $305 $207 The following additional information is taken from the records: 1. Land was sold for $18. 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 $66 credit to Retained Earnings for net income. 6. There was a $20 debit to Retained Earnings for cash dividends declared. W Cash flows from 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 from sale of land Cash used for purchase of equipment Net cash flow from investing activities Cash flows from (used for) financing activities: Cash from sale of common stock Cash used for dividends Net cash flow from financing activities Increase in cash Cash at the beginning of the year Cash at the end of the year