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: 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 $122 credit to Retained Earnings for net income. 6. There was a $37 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. Changes in current operating assets and liabilities: Increase in inventories Increase in accounts payable Net cash flow from operating activities Cash flows from (used for) investing activities: Cash from sale of land v Cash used for purchase of equipment Net cash flow from investing activities Cash flows from (used for) financing activities: Net cash flow from financing activities Decrease in cash Cash at the beginning of the year Cash at the end of the year 29 24 12 42