The comparative balance sheet of Hirayama Industries Inc. for December 31, 20Y2 and 20Y1, is as follows: Assets Cash Accounts receivable (net) Inventories Land Equipment Accumulated depreciation-equipment Total Assets Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) Dividends payable Common stock, $1 par Excess of paid-in capital over par Retained earnings Total liabilities and stockholders' equity Dec. 31, 20Y2 Dec. 31, 20Y1 $138 $44 79 55 50 30 113 127 64 48 (17) (9) $427 $295 $54 $44 9 28 14 70 35 266 202 $427 $295 The following additional information is taken from the records: in cold for 425 The following additional information is taken from the records: 1. Land was sold for $35. 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 $92 credit to Retained Earnings for net income. 6. There was a $28 debit to Retained Earnings for cash dividends declared. a. Prepare a statement of cash flows, using the indirect method of presenting Cash flows from (used for) operating activities. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments. Hirayama Industries Inc. Statement of Cash Flows For the Year Ended December 31, 20Y2 Cash flows from (used for) operating activities: Net income Adjustments to reconcile net income to net cash flows from (used for) operating activities: Depreciation Gain on sale of land Changes in current operating assets and liabilities: Increase in accounts receivable Increase in inventories. Increase in accounts payables Net cash flow from operating activities Cash flows from (used for) Investing activities: 000 00 * 0 Adjustments to reconcile net income to net cash flows from (used for) operating activities: Depreciation Gain on sale of land Changes in current operating assets and liabilities: Increase in accounts receivable Increase in inventories increase in accounts payable Net cash flow from operating activities Cash flows from (used for) investing activities: Cash received from sale of land Cash paid for purchase of equipment Net cash flow from investing activities Cash flows from (used for) financing activities: Cash received from issuing common stock Cash dividends Net cash flows from financing activities Net increase in cash Cash balance, January 1, 2012 Cash balance, December 31, 20Y2 0000 0.0 000 00