Statement of Cash Flows-Indirect 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 Accounts receivable (net) Inventories Land Equipment Accumulated depreciation-equipment S168 95 60 137 $53 67 37 152 58 (21) S516 S356 Total Assets Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) Dividends payable Common stock, $1 par Paid-in capital: Excess of issue price over par-- common stock Retained earnings $65 10 34 17 86 321 244 Total liabilities and stockholders equity S516 S356 The following additional information is taken from the records 1. Land was sold for $38 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 $111 credit to Retained Earnings for net income. 6. There was a $34 debit to Retained Earnings for cash dividends declared