The comparative balance sheet of Hirayama Industries Inc. for December 31, 20Y2 and 20Y1, is as follows: 1 2 Dec. 31, 20Y2 Dec. 31,20Y1 Assets 3 Cash 4 Accounts receivable (net) 5 Inventories 6 Land $489.00 $156.00 283.00 197.00 174.00 112.00 398.00 445.00 7 Equipment 228.00 172.00 8 Accumulated depreciation-equipment (65.00) (32.00) 9 Total assets $1,507,00 $1,050.00 10 Liabilities and Stockholders' Equity 11 Accounts payable (merchandise creditors) $177.00 $155.00 12 Dividends payable 30.00 13 Common stock, $1 par 96.00 49.00 14 Excess of paid-in capital over par 250.00 130.00 15 Retained earnings 954.00 716.00 16 Total liabilities and stockholders' equity $1,507.00 $1,050.00 The following additional information is taken from the records: 1. Land was sold for $129. 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 $339 credit to Retained Earnings for net income. 6. There was a $101 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 th 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 outflow for each section, if required. b. Was Hirayama Industries Inc.'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, 20Y2 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 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 a. Prepare a statement of cash flows, using the indirect method of presenting cash flows from 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 outflow for each section, if required. Hirayama Industries Inc. Statement of Cash Flows (Label) 1 Cash flows from (used for) operating activities: 2 3 4 5 Hirayama Industries Inc. Statement of Cash Flows (Label) Adjustments to reconcile net income to net cash flows from (used for) operating activities: 6 Changes in current operating assets and liabilities: 7 8 9 9 10 11 Cash flows from (used for) investing activities: 12 13 14 15 Cash flows from (used for) financing activities: 16 17 18 19 20 Cash balance, January 1, 20Y2 21 Cash balance, December 31, 20Y2