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. Olson-Jones Industries, Inc. Statement of Cash Flows For the Year Ended December 31, 20Y2 Line Item Description Cash flows from (used for) operating activities: Net income Adjustments to reconcile net income to net cash flow from (used for) 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 Net cash flows from operating activities Cash flows from (used for) investing activities: Cash received from sale of land Cash paid for purchase of equipment Net cash flows from investing activities Cash flows from (used for) financing activities: Cash received from sale of common stock Cash paid for dividends Net cash flows from financing activities Net increase in cash Cash balance, January 1, 20Y2 Cash balance, December 31, 20Y2 Amount Amount 90