Statement of Cash Flows-Indirect Method The comparative balance sheet of Olson-Jones Industries Inc. for December 31, 20Y2 and 2041, is as follows: Dec. 31, Dec. 31, 2012 2011 Assets Cash $139 $46 Accounts receivable (net) 79 57 Inventories 50 31 Land 113 129 64 50 Equipment Accumulated depreciation equipment (17) (9) Total Assets $428 $304 $54 $46 9 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) Dividends payable Common stock, $1 par Paid-in capital: Excess of issue price over par- common stock 28 14 65 36 272 208 Retained earnings Total liabilities and stockholders' equity $428 $304 The following additional information is taken from the records: 1. Land was sold for $40. 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 $92 credit to retained Earnings for net income. 6. There was a $28 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 Increase in accounts receivable Increase in inventories Increase in accounts payable Net cash flow from operating activities Cash flows from (used for) Investing activities: Cash from sale of land Cash used for purchase of equipment o 36 64 Net cash flow from investing activities Cash flows from (used for) financing activities: 0 000 Net cash flow from financing activities Cash at the beginning of the year Cash at the end of the year b. Was Olson-Jones Industries Inc.'s net cash flow from operations more or less than net income