Statement of Cash Flows-Indirect Method The comparative balance sheet of Olson-Jones Industries Inc. for December 31, 2012 and 20Y1, is as follows: Assets Dec. 31, 20Y2 Dec. 31, 20Y1 Cash Accounts receivable (net) $178 $57 101 72 Inventories Land 63 39 144 162 Equipment 81 63 Accumulated depreciation-equipment (22) (11) Total Assets $545 $382 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $69 $57 Dividends payable 11 Common stock, $10 par 36 18 Paid-in capital: Excess of issue price over par-common stock 86 45 Retained earnings 343 262 Total liabilities and stockholders' equity $545 $382 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. 5. There was a $117 credit to Retained Earnings for net income. 6. There was a $36 debit to Retained Earnings for cash dividends declared.