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 $113 $36 Accounts receivable (net) 65 45 Inventories 41 25 Land 93 103 Equipment 52 40 Accumulated depreciation-equipment (14) (7) Total Assets $350 $242 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $44 $36 Dividends payable 7 - Common stock, $10 par 23 11 Paid-in capital: Excess of issue price over parcommon stock 57 28 Retained earnings 219 167 Total liabilities and stockholders' equity $350 $242 The following additional information is taken from the records: Land was sold for $25. Equipment was acquired for cash. There were no disposals of equipment during the year. The common stock was issued for cash. There was a $75 credit to Retained Earnings for net income. There was a $23 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: $ Adjustments to reconcile net income to net cash flow from operating activities: Changes in current operating assets and liabilities: Net cash flow from operating activities $ Cash flows from investing activities: $ Net cash flow provided by investing activities Cash flows from financing activities: $ Net cash flow provided by financing activities $ Cash at the beginning of the year Cash at the end of the year $ b. Was Olson-Joness net cash flow from operations more or less than net income? The source(s) of the difference are: Gain on the sale of land Purchase of equipment Sale of common stock Changes in current operating assets and liabilities Depreciation expense Dividends paid