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		$105		$34
Accounts receivable (net)		60		43
Inventories		37		24
Land		86		97
Equipment		48		38
Accumulated depreciation-equipment		(13)		(7)
	Total Assets	$323		$229
Liabilities and Stockholders' Equity
Accounts payable (merchandise creditors)		$41		$34
Dividends payable		6		-
Common stock, $1 par		21		11
Paid-in capital: Excess of issue price over parcommon stock		50		27
Retained earnings		205		157
	Total liabilities and stockholders' equity	$323		$229

The following additional information is taken from the records:

Land was sold for $28.

Equipment was acquired for cash.

There were no disposals of equipment during the year.

The common stock was issued for cash.

There was a $69 credit to Retained Earnings for net income.

There was a $21 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.