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 Accounts receivable (net) Inventories Land Equipment Accumulated depreciation-equipment $46 57 31 129 50 $143 81 51 (18) $440 $304 Total Assets Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) Dividends payable Common stock, $1 par Paid-in capital: Excess of issue price over par common stock Retained earnings $46 $55 29 14 73 36 274 208 $440 $304 Total liabilities and stockholders' equity The following additional information is taken from the records: 1. Land was sold for $30. 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 $95 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, 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 95 Adjustments to reconcile net income to net cash flow from operating activities Depreciation Loss on sale of land 99X in current operating assets and liabilities Increase in accounts receivable Increase in inventories Increase in accounts payable 24 -20 30 X Net cash flow from operating activities Cash flows from (used for) investing activities Cash paid for dividends 9 X Cash received from sale of common stock 15 X Net cash flow from investing activities Cash flows from (used for) financing activities Cash from sale of common stock 37 X Increase in accounts receivable 66 X 103 X Net cash flow from financing activities 103 X 79 X 95 X 174 X Net cash flow from financing activities Increase in cash Cash at the beginning of the year Cash at the end of the year