The comparative balance sheet of Olson$-$Jones Industries Inc. for December $31,20$Y$2$ and $20$Y$1,$ is as follows:

Dec. $31,20$Y$2$ Dec. $31,20$Y$1$

Assets

Cash $$183$ $$14$

Accounts receivable $($net$)5549$

Inventories $11799$

Land $250330$

Equipment $205175$

Accumulated depreciation$$equipment $(68)(42)$

Total assets $$742$ $$625$

Liabilities and Stockholders' Equity

Accounts payable $($merchandise creditors$)$ $$51$ $$37$

Dividends payable $5-$

Common stock, $$1$ par $12580$

Paid$-$in capital in excess of par$$common stock $8570$

Retained earnings $476438$

Total liabilities and stockholders' equity $$742$ $$625$

The following additional information is taken from the records:

Land was sold for $$120.$

Equipment was acquired for cash.

There were no disposals of equipment during the year.

The common stock was issued for cash.

There was a $$62$ credit to Retained Earnings for net income.

There was a $$24$ 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 operating activities. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments.