Statement of cash flows - indirect method

The comparative balance sheet of Wedge Industries Inc. for Dec. 31, 2014 and 2013, as follows:

Dec.31, 2014 Dec. 31, 2013

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Assets

cash......................................................................................................................................................................................... $ 392 $128

Accounts receivable (net)........................................................................................................................................................ 224 160

Inventories............................................................................................................................................................................... 140 88

Land......................................................................................................................................................................................... 320 360

Equipment................................................................................................................................................................................ 180 140

Accumulated depreciation-equipment ..................................................................................................................................... (48) (24)

Total................................................................................................................................................................................. $1,208 $852

Liabilities and Stockholders' Equity

Accounts payable (merchandise creditors)............................................................................................................................... $ 140 $ 128

Dividends payable..................................................................................................................................................................... 24 ---

Common stock, $10 par............................................................................................................................................................ 80 40

Paid-in capital: Excess of issue price over par -- common stock.............................................................................................. 200 100

Retained earnings..................................................................................................................................................................... 764 584

Total................................................................................................................................................................................ $1,208 $852

The following additional informtion is taken from records:

1. Land was sold for $100.

2. Equipment was acquired for cash.

3. There were no disposals of equipment during the year.

4. The common stock was issue for cash.

5. There was a $260 credit to Retained Earnings for net income.

6. There was an $80 debit to Retained Earnings for cash dividends declared.

A. Prepared a statement of cash flows, using the indirect method of presenting cash flows from operating activities.

B. Was Wedge Industries Inc. net cash flow from operations more or less than net income? What is the source of this difference?