Statement of Cash Flows-Indirect Method The comparative balance sheet of Olson-Jones Industries Inc. for December 31, 20Y2 and 20Y1, is as follows: Dec. 31, 20Y2 Dec. 31, 20Y1 Assets $53 Cash $160 Accounts receivable (net) 91 67 57 Inventories 36 150 130 Land Equipment 73 58 (10) Accumulated depreciation-equipment $491 $354 Total Assets Liabilities and Stockholders' Equity $53 Accounts payable (merchandise creditors) $62 10 Dividends payable Common stock, $10 par 17 32 Paid-in capital: Excess of issue price over par-common stock 70 317 Retained earnings 243 $491 $354 Total liabilities and stockholders' equity The following additional information is taken from the records 1. Land was sold for $50 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 $106 credit to Retained Earnings for net income 6. There was a $32 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: Adjustments to reconcile net income to net cash flow from operating activities: Changes in current operating assets and liabilities Net cash flow from operating activities Cash flows from investing activities: Net cash flow provided by investing activities Net cash flow provided by finanding activities Cash at the beginning of the year Cash at the end of the year b. Was Olson-Jones's net cash flow from operations more or less than net income? The source(s) of the difference are: a. Gain on the sale of land b. Purchase of equipment c. Sale of common stock d. Changes in current operating assets and liabilities e. Depreciation expense f. Dividends paid