Statement of Cash Flows-Indirect Method The comparative balance sheet of Olson-Jones Industries Inc. for December 31, 2012 and 2041, is as follows: Dec. 31, 2012 Dec. 31, 2011 Assets Cash IIIIIIII $183 Accounts receivable (net) Inventories 117 Land 250 Equipment 205 Accumulated depreciation equipment (68) 1 Total assets (42) $625 $742 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $51537 Dividends payable Common stock, $1 par 125 Paid-in capital: Excess of issue price over par common stock 85 Retained earnings 476 438 Total liabilities and stockholders' equity 5742 $625 The following additional information is taken from the records: Show Me How Calculator Print Item The following additional information is taken from the records: 1. Land was sold for $120. 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 $62 credit to Retained Earnings for net income. 6. There was a $24 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, 2012 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 (used for) investing activities Net cash flow from investing activities Cash rows from (used for) financing activities