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Statement of Cash Flows-Indirect Method The comparative balance sheet of Olson-Jones Industries Inc. for December 31 , 20Y2 and 20Y1, is as follows: The following

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Statement of Cash Flows-Indirect Method The comparative balance sheet of Olson-Jones Industries Inc. for December 31 , 20Y2 and 20Y1, is as follows: The following additional information is taken from the records: a. Land was sold for $120. b. Equipment was acquired for cash. c. There were no disposals of equipment during the year. d. The common stock was issued for cash. e. There was a $62 credit to Retained Earnings for net income. f. There was a $24 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. Net cash fiow from operating activities Cash nows from (used fon) investing activities: 3 Net cash fiow from investing activities Cash fows from (used for) fnancing activities: Net cash flow from financing activities Cash baiance, January 1, 20r2 Cash balance, December 31, 20y2 b. Was Olson-Jones's net cash flow from operations more or less than net income? The source(s) of the difference are: a. Gain on the sale of land b. Purchase of equipment c. Sale of common stock d. Changes in current operating assets and liabilities e. Depreciation expense f. Dividends paid

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