Statement of Cash FlowsIndirect Method

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

		Dec. 31, 20Y2		Dec. 31, 20Y1
Assets
Cash		$122		$40
Accounts receivable (net)		69		50
Inventories		44		27
Land		99		113
Equipment		56		44
Accumulated depreciation-equipment		(15)		(8)
	Total Assets	$375		$266
Liabilities and Stockholders' Equity
Accounts payable (merchandise creditors)		$47		$40
Dividends payable		8		-
Common stock, $1 par		25		13
Paid-in capital: Excess of issue price over parcommon stock		57		31
Retained earnings		238		182
	Total liabilities and stockholders' equity	$375		$266

The following additional information is taken from the records:

1. Land was sold for $35.
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 $81 credit to Retained Earnings for net income.
6. There was a $25 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 negative adjustments.

Olson-Jones Industries Inc.
Statement of Cash Flows
For the Year Ended December 31, 20Y2
Cash flows from operating activities:
Net income	$fill in the blank 9294e604a06f009_2
Adjustments to reconcile net income to net cash flow from operating activities:
Decrease in accounts receivable	fill in the blank 9294e604a06f009_4
Gain on sale of land	fill in the blank 9294e604a06f009_6
Changes in current operating assets and liabilities:
Depreciation	fill in the blank 9294e604a06f009_8
Decrease in inventories	fill in the blank 9294e604a06f009_10
Decrease in accounts payable	fill in the blank 9294e604a06f009_12
Net cash flow from operating activities		$fill in the blank 9294e604a06f009_13
Cash flows from (used for) investing activities:
Cash from sale of land	$fill in the blank 9294e604a06f009_15
Cash used for purchase of equipment	fill in the blank 9294e604a06f009_17
Net cash flow from investing activities		fill in the blank 9294e604a06f009_18
Cash flows from (used for) financing activities:
Cash from sale of common stock	$fill in the blank 9294e604a06f009_20
Cash used for dividends	fill in the blank 9294e604a06f009_22
Net cash flow from financing activities		fill in the blank 9294e604a06f009_23
Increase in cash		$fill in the blank 9294e604a06f009_25
Cash at the beginning of the year		fill in the blank 9294e604a06f009_26
Cash at the end of the year		$fill in the blank 9294e604a06f009_27

b. Was Olson-Jones Industries Inc.s net cash flow from operations more or less than net income? More