Statement of Cash Flows-Indirect Method The comparative balance sheet of Olson Jones Industries Inc. for December 31, 2012 and 2041, is as follows: Dec. 31, Dec. 31, 2012 2011 Assets $57 72 39 162 62 B. 3544 3081 Cash $177 Accounts receivable (net) 101 Inventories Land 144 Equipment 81 Accumulated depreciation equipment (22) Total Assets Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) 369 Dividend payable 11 Common stock, $1 par 36 Paid in capital Excess of issue price over par 86 common stock Retained earrings 342 Total liabilities and stockholders' equity $544 The following additional information is taken from the records 1. Land was sold for 545 $57 18 45 261 $381 The following additional information is taken from the records 1. Land was sold for $45 2. Equipment was acquired for cash 3. There were no disposals of equipment during the year, 4. The common stock was issued for cash S. There was a $117 credit to retained Cornings for net income 6. There was a $36 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 ise the 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, 2012 Cash flows from operating act wities Adjustments to reconcile not income to net cash flow from operating activities on m Changes in current operating and its o Netcash now from operating activities Cashflows from used for testing activities Adjustments to reconcile net income to net cash flow from operating activities: Changes in current operating assets and liabilities: NI I Net cash flow from operating activities Cash flows from (used for) investing activities: Net cash flow from investing activities Cash flows from used for) financing activities: Net cash flow from financing activities Cash at the beginning of the year Cash at the end of the year 1. Was Olson Jones Industries Inc.'s net cash flow from operations more or less than net income