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, 2042 Dec. 31, 2081 Assets Cash $105 $34 Accounts receivable (net) 59 42 Inventories 37 23 Land 85 96 Equipment 48 37 (13) (7) $321 $225 Accumulated depreciation equipment Total Assets Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $40 $34 Dividends payable 6 Common stock, $1 par 21 11 Paid-in capital: Excess of issue price over par- common stock 52 26 Retained earnings 202 154 Total liabilities and stockholders' equity $321 $225 The following additional information is taken from the records: 1. Land was sold for $28. 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 $69 credit to Retained Earnings for net income. 6. 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. Olson-Jones Industries Inc. Statement of Cash Flows For the Year Ended December 31, 20Y2 Cash flows from operating activities: Net income Adjustments to reconcile net income to net cash flow from operating activities: Depreciation Gain on sale of land Changes in current operating assets and liabilities: Increase in accounts receivable Increase in inventories Increase in accounts payable Q 0 11 I DO Net cash flow from operating activities Cash flows from (used for) investing activities: Cash from sale of land Cash used for purchase of equipment Net cash flow from investing activities Cash flows from (used for) financing rities: Cash from sale of common stock Cash used for dividends Net cash flow from financing activities Increase in cash 71 Cash at the beginning of the year 34 Cash at the end of the year 105