Statement of Cash Flows The comparative balance sheet of Hirayama Industries Inc. for December 31, 20Y2 and 20Y1, is as follows: Dec. 31, 2012 Dec. 31, 201 Assets Cash Accounts receivable (net) Inventories Land $101 58 36 83 $32 Equipment 46 Accumulated depreciation-equipment (12) (6) Total Assets $312 $215 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $39 $32 Dividends payable 6 Common stock, $1 par 21 10 Excess of paid-in capital over par 52 25 Retained earnings 194 148 Total liabilities and stockholders' equity $312 $215 The following additional information is taken from the records: 1. Land was sold for $23. 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 $67 credit to Retained Earnings for net income. 6. There was a $21 debit to Retained Earnings for cash dividends declared.