The comparative baiance sheet of Hirayama industries ine. for December 31, 20Y2 and 20Y1, is as follows: The following additional information is taken from the records: 1. Land was sold for $123. 2. Equipment was acquired tor cash. 3. There were no disposals of equipment during the year. 4. The common stock was issued for cash. 5. There was a $294 credit to Retained Earnings for net income. 6. There was a $98 debit to Retained Earnings for cash dividends declared. Required: a. Prepare a statement of cash flows, using the indirect method of presenting cash flows from (used for) operating activities. Be sure to complete the heading of the statement. Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. Use the minus sign to indicate cash outflows, decreases in cash and a net cash outfiow for each section, if required. b. Was Hirayama industries ine.'s net cash flows from operations more or less than net income? What is the source of this difference? Labels December 31, 20Y2 For the Year Ended December 31, 20 Y2 Amount Descriptions Amortization of intangible assets Cash received from sale of land Cash paid for purchase of equipment Cash received from issuing common stock Cash dividends Decrease in accounts payable Decrease in accounts receivable Decrease in inventories Depreciation Gain on sale of land Increase in accounts payable Increase in accounts receivable Increase in inventories Loss on sale of land Net increase in cash Net decrease in cash Net cash flows from operating activities Net cash flows used for operating activities Net cash flows from investing activities Net cash flows used for investing activities Net cash flows from financing activities Net cash flows used for financing activities Net income Net loss b. Whs Hirayama industries inc. s net cash ilows trom operations more or less than net income? What is the scurce of this difierence? Net cash flow from operations was than net income. The source(s) of the difference are: Chock af that apply. Depreciation expense Purchase of equipment Sale of comman stock Dividends paid Changes in current operating assets and liabities