Statement of Cash Flows The comparative balance sheet of Hirayama Industries Inc. for December 31, 20Y2 and 20Y1, is as follows: Dec. 31, 20Y2 Dec. 31, 20Y1 Assets Cash $164 $54 Accounts receivable (net) 93 67 Inventories 58 37 Land 134 151 Equipment 75 59 Accumulated depreciation-equipment (20) (10) Total Assets $504 $358 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $64 $54 Dividends payable 10 Common stock, $1 par 33 17 Excess of paid-in capital over par 77 42 Retained earnings 320 245 Total liabilities and stockholders' equity $504 $358 The following additional information is taken from the records: 1. Land was sold for $43. 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 $108 credit to Retained Earnings for net income. 6. There was a $33 debit to Retained Earnings for cash dividends declared.