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

$1$

Dec. $31,20$Y$2$

Dec. $31,20$Y$1$

$2$

Assets

$3$

Cash

$$183\mathrm{.}00$

$$14\mathrm{.}00$

$4$

Accounts receivable $($net$)$

$55\mathrm{.}00$

$49\mathrm{.}00$

$5$

Inventories

$117\mathrm{.}00$

$99\mathrm{.}00$

$6$

Land

$250\mathrm{.}00$

$330\mathrm{.}00$

$7$

Equipment

$205\mathrm{.}00$

$175\mathrm{.}00$

$8$

Accumulated depreciation$-$equipment

$(68\mathrm{.}00)$

$(42\mathrm{.}00)$

$9$

Total assets

$$742\mathrm{.}00$

$$625\mathrm{.}00$

$10$

Liabilities and Stockholders$$ Equity

$11$

Accounts payable $($merchandise creditors$)$

$$51\mathrm{.}00$

$$37\mathrm{.}00$

$12$

Dividends payable

$5\mathrm{.}00$

$13$

Common stock, $$1$ par

$125\mathrm{.}00$

$80\mathrm{.}00$

$14$

Paid$-$in capital: Excess of issue price over par$$common stock

$85\mathrm{.}00$

$70\mathrm{.}00$

$15$

Retained earnings

$476\mathrm{.}00$

$438\mathrm{.}00$

$16$

Total liabilities and stockholders$$ equity

$$742\mathrm{.}00$

$$625\mathrm{.}00$

The following additional information is taken from the records:

a$.$ Land was sold for $$120.$

b$.$ Equipment was acquired for cash.

c$.$ There were no disposals of equipment during the year.

d$.$ The common stock was issued for cash.

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

f$.$ There was a $$24$ 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 operating activities. Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. Be sure to complete the heading of the statement. Enter amounts that represent cash outflows as negative numbers using a minus sign.

b$.$ Was Olson$-$Jones$$s net cash flow from operations more or less than net income? What is the source of this difference?

a$.$ Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities. Refer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. Be sure to complete the heading of the statement. Enter amounts that represent cash outflows as negative numbers using a minus sign.

Score: $95/153$

Olson$-$Jones Industries, Inc.

Statement of Cash Flows

$($Label$)$

$1$

Cash flows from operating activities:

$2$

Net income

$$

$$62\mathrm{.}00$

$$

$3$

Adjustments to reconcile net income to net cash flow from operating activities:

$4$

Depreciation

$$

$26\mathrm{.}00$

$$