The comparative balance sheet of Olson-Jones Industries Inc. for December 31, 2012 and 20Y1, is as follows: Assets December 31, December 31, 20Y2 20Y1 Cash Accounts receivable (net) Inventories $183 $14 55 49 117 99 Land 250 330 Equipment 205 175 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 125 80 Paid-in capital in excess of par-common stock. 85 70 Retained earnings 476 438 Total liabilities and stockholders' equity $742 $625 CBOOK Total liabilities and stockholders' equity Show Me How $742 $625 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. 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. Olson Jones Industries, Inc. Statement of Cash Flows For the Year Ended December 31, 2012 Line Item Description Cash flows from (used for) operating activities: Adjustments to reconcile net income to net cash flow from (used for) operating activities: Changes in current operating assets and abilities: Amount Amount 00 000 Previous Next Dashclicks Draft | Dashboard Similarweb G Admin console Instantly - How To... Steal All My Resour... Apollo eBook Show Me How Changes in current operating assets and liabilities: Cash flows from (used for) investing activities: Cash flows from (used for) financing activities: I 00 00 0000 0 0000 0 Cash balance, January 1, 20Y2 Cash balance, December 31, 2012 b. Was Olson-Jones's net cash flows from operating activities more or less than net income? Cash balance, December 31, 2012 b. Was Olson-Jones's net cash flows from operating activities more or less than net income? The source(s) of the difference are: a. Gain on the sale of land b. Purchase of equipment Sale of common stock d. Changes in current operating asses and liabilities e. Depreciation expense c. Dividends paid Check My Work