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Statement of cash flows$$indirect method

The comparative balance sheet of Olson$-$Jones Industries Inc. for December $31,20$Y$2$ and $20$Y$1,$ is as follows:

Line Item Description December $31,$

$20$Y$2$ December $31,$

$20$Y$1$

Assets

Cash $$183$ $$14$

Accounts receivable $($net$)5549$

Inventories $11799$

Land $250330$

Equipment $205175$

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 $12580$

Paid$-$in capital in excess of par$$common stock $8570$

Retained earnings $476438$

Total liabilities and stockholders' equity $$742$ $$625$

The following additional information is taken from the records:

Land was sold for $$120.$

Equipment was acquired for cash.

There were no disposals of equipment during the year.

The common stock was issued for cash.

There was a $$62$ credit to Retained Earnings for net income.

There was a $$24$ debit to Retained Earnings for cash dividends declared.

Question Content Area

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.