1. The comparative balance sheet of Olson-Jones Industries Inc. for December 31, 20Y2 and 20Y1, is as follows:

   		Dec. 31, 20Y2		Dec. 31, 20Y1
   Assets
   Cash		$143		$47
   Accounts receivable (net)		81		59
   Inventories		51		32
   Land		116		134
   Equipment		65		52
   Accumulated depreciation-equipment		(18)		(9)
   	Total Assets	$438		$315
   Liabilities and Stockholders' Equity
   Accounts payable (merchandise creditors)		$55		$47
   Dividends payable		9		-
   Common stock, $1 par		29		15
   Paid-in capital: Excess of issue price over parcommon stock		64		37
   Retained earnings		281		216
   	Total liabilities and stockholders' equity	$438		$315

   The following additional information is taken from the records:

   1. Land was sold for $45.
   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 $94 credit to Retained Earnings for net income.
   6. There was a $29 debit to Retained Earnings for cash dividends declared.

   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.

   Olson-Jones Industries Inc.
   Statement of Cash Flows
   For the Year Ended December 31, 20Y2
   Cash flows from operating activities:
   Net income	$
   Adjustments to reconcile net income to net cash flow from operating activities:
   Depreciation
   Changes in current operating assets and liabilities:
   Net cash flow from operating activities		$
   Cash flows from (used for) investing activities:
   	$
   Net cash flow from investing activities
   Cash flows from (used for) financing activities:
   Cash received from sale of land	$
   Net cash flow from financing activities
   Increase in cash		$
   Cash at the beginning of the year
   Cash at the end of the year		$

   b. Was Olson-Jones Industries Inc.s net cash flow from operations more or less than net income? More