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, 20Y2 Dec. 31, 20Y1 Assets Cash $128 Accounts receivable (net) Inventories Land Equipment Accumulated depreciation-equipment (16) Total Assets $395 $269 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 Retained earnings 244 Total liabilities and stockholders' equity $395 The following additional information is taken from the records: 185 $269 Net cash flow from operating activities Cash flows from (used for) investing activities: Cash from sale of land 23 Cash used for purchase of equipment 15 Net cash flow from investing activities Cash flows from (used for) financing activities: Cash received from sale of land 49 Cash used for dividends 31 Net cash flow from financing activities Increase in cash 88 Cash at the beginning of the year 40 Cash at the end of the year 128 b. Was Olson-Jones Industries Inc.'s net cash flow from operations more or less than net income? Less Statement of Cash Flows-Indirect Method The comparative balance sheet of Merrick Equipment Co. for December 31, 2049 and 2048, is as follows: Dec. 31, 2019 Dec. 31, 2018 Assets Cash $246,500 Accounts receivable (net) 89,300 252,070 $228,770 82,170 243,270 94,250 Inventories Investments Land 0 129,300 278,130 Equipment 215,080 Accumulated depreciation-equipment (65,110) (58,000) Total assets $930,190 $805,540 Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Dividends payable Common stock, $10 par Paid-in capital: Excess of issue price over par-common stock $168,360 16,740 9,300 50,230 $158,690 20,940 7,250 39,470 109,550 469,640 188,830 496,730 Retained earnings Total liabilities and stockholders' equity $930,190 $805,540 Additional data obtained from an examination of the accounts in the ledger for 2049 are as follows: a. Equipment and land were acquired for cash. b. There were no disposals of equipment during the year. C. The investments were sold for $84,830 cash. d. The common stock was issued for cash. e. There was a $64,950 credit to Retained Earnings for net income. f. There was a $37,860 debit to Retained Earnings for cash dividends declared. Required: Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments. Merrick Equipment Co. Statement of Cash Flows For the Year Ended December 31, 2049 Cash flows from operating activities: Adjustments to reconcile net income to net cash flow from operating activities: Changes in current operating assets and liabilities: Changes in current operating assets and liabilities: Net cash flow from operating activities Cash flows from (used for) investing activities: Net cash flow used for investing activities Cash flows from (used for) financing activities: Net cash flow from financing activities Cash at the beginning of the year Cash at the end of the year