The comparative balance sheet of Hirayama Industries Inc. for December 31, 20Y2 and 20Y1, is as follows: Dec. 31, 20Y2 Dec. 31, 20Y1 Assets Cash $122 $40 Accounts receivable (net) 70 50 Inventories 44 28 Land 100 114 Equipment 56 44 Accumulated depreciation-equipment (15) (8) Total Assets $377 $268 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $48 $40 Dividends payable 8 - Common stock, $1 par 25 13 Excess of paid-in capital over par 56 31 Retained earnings 240 184 Total liabilities and stockholders' equity $377 $268 The following additional information is taken from the records: Land was sold for $35. Equipment was acquired for cash. There were no disposals of equipment during the year. The common stock was issued for cash. There was a $81 credit to Retained Earnings for net income. There was a $25 debit to Retained Earnings for cash dividends declared. Question Content Area 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 $Net income 81 Adjustments to reconcile net income to net cash flows from (used for) operating activities: Depreciation Depreciation 7 Gain on sale of land Gain on sale of land -23 Changes in current operating assets and liabilities: Increase in accounts receivable Increase in accounts receivable -20 Increase in inventories Increase in inventories -16 Increase in accounts payable Increase in accounts payable 8 Net cash flow from operating activities $fill in the blank a00542002fc2020_13 38 Cash flows from (used for) investing activities: Cash received from sale of land $Cash received from sale of land 35 Cash paid for purchase of equipment Cash paid for purchase of equipment 12 Net cash flow from investing activities fill in the blank a00542002fc2020_18 23 Cash flows from (used for) financing activities: Cash received from issuing common stock $Cash received from issuing common stock 37 Cash dividends Cash dividends -17 Net cash flows from financing activities fill in the blank a00542002fc2020_23 Net decrease in cash $Net decrease in cash Cash balance, January 1, 20Y2 fill in the blank a00542002fc2020_26 Cash balance, December 31, 20Y2 $fill in the blank a00542002fc2020_27 Question Content Area b. Was Hirayama Industries Inc.s net cash flows from operations more or less than net income? Less