Statement of Cash Flows - Indirect Method

The comparative balance sheet of Olson- Jones Industries Inc. for December 31, 20Y2 and 20Y1, is as follows:

Was Olson- jones Industries Inc's net cash flow from operations more or less than net income?

Dec. 31, Dec. 31, 20Y2 20Y1AssetsCash $105 $35Accounts receivable (net) 60 44Inventories 37 24Land 85 98Equipment 48 38Accumulated depreciation-equipment (13) (7)Total Assets $322 $232Liabilities and Stockholders' Equity) Accounts payable (merchandise creditors) $41 $35Dividends payable 6 -Common stock, $1 par 21 11Paid-in capital: Excess of issue price over par—common stock 47 27Retained earnings 207 159Total liabilities and Stockholders' equity $322 $232 The following additional information is taken from the records: 1. Land was sold for $33. 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 $69 credit to Retained Earnings for net income. 6. There was a $21 debit to Retained Earnings for cash dividends declared. a. 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 negativeadjustments.Olson-Jones Industries Inc.Statement of Cash FlowsFor the Year Ended December 31, 20Y2Cash flows from operating activities:Adjustments to reconcile net income to net cash flow from operating activities:Changes in current operating assets and liabilities:Net cash flow from operating activitiesCash flows from (used for) investing activities:00 00 00Net cash flow from investing activitiesCash flows from (used for) financing activities:Net cash flow from financing activitiesCash at the beginning of the yearCash at the end of the year