The comparative balance sheet of Hirayama Industries Inc. for December 31, 20Y2 and 2041, is as follows: Dec. 31, 20Y2 Dec. 31, 20Y1 Assets Cash $116 $38 Accounts receivable (net) 67 48 Inventories 42 26 Land 96 109 Equipment 54 42 Accumulated depreciation-equipment (14) (7) Total Assets $361 $256 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $45 $38 Dividends payable 7 Common stock, $1 par 24 12 Excess of paid-in capital over par 55 30 Retained earnings 230 176 Total liabilities and stockholders' equity $361 $256 The following additional information is taken from the records: The following additional information is taken from the records: 1. Land was sold for $33. 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 $78 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 (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 78 Adjustments to reconcile net income to net cash flows from (used for) operating activities: Depreciation 7 Gain on sale of land Changes in current operating assets and liabilities: Increase in accounts receivable -19 Increase in inventories -16 Increase in accounts payable 7 Net cash flow from operating activities o rach flowe fram luced for investing activitiee. Cash flows from (used for) investing activities: Cash received from sale of land 33 Cash paid for purchase of equipment -12 21 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 $ 78 Cash balance, January 1, 20Y2 Cash balance, December 31, 20Y2 $ $