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 $147 $48 Accounts receivable (net) 84 61 Inventories 53 33 Land 120 136 Equipment 68 53 Accumulated depreciation equipment (18) (9) Total Assets $454 $322 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $57 $48 Dividends payable 9 Common stock, $10 par 30 15 Paid-in capital: Excess of issue price over par-common stock 69 38 Retained earnings 289 221 Total liabilities and stockholders' equity $454 $322 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 $98 credit to Retained Earnings for net income. 6. There was a $30 debit to Retained Earnings for cash dividends declared. For the Year Ended December 31, 20Y2 Cash flows from operating activities: Net income 98 Adjustments to reconcile net income to net cash flow from operating activities: Depreciation 9 Gain on sale of land 24 X Changes in current operating assets and liabilities: Increase in accounts receivable 23 X Increase in inventories 20 Increase in accounts payable 9 150 X Net cash flow from operating activities Cash flows from investing activities: Cash received from sale of land 40 Cash paid for purchase of equipment -15 25 Net cash flow provided by investing activities Cash flows from financing activities: Cash received from sale of common stock 46 Cash paid for dividends -21 Net cash flow provided by financing activities 25 Change in cash $ Cash at the beginning of the year Cash at the end of the year