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		$183		$14
   Accounts receivable (net)		55		49
   Inventories		117		99
   Land		250		330
   Equipment		205		175
   Accumulated depreciationequipment		(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 parcommon stock		85		70
   Retained earnings		476		438
   	Total liabilities and stockholders' equity	$742		$625

   The following additional information is taken from the records:

   1. Land was sold for $120.
   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 $62 credit to Retained Earnings for net income.
   6. 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 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 (used for) operating activities:
   	$fill in the blank 1173c507f057fd1_2
   Adjustments to reconcile net income to net cash flow from operating activities:
   	fill in the blank 1173c507f057fd1_4
   	fill in the blank 1173c507f057fd1_6
   Changes in current operating assets and liabilities:
   	fill in the blank 1173c507f057fd1_8
   	fill in the blank 1173c507f057fd1_10
   	fill in the blank 1173c507f057fd1_12
   Net cash flow from operating activities		$fill in the blank 1173c507f057fd1_13
   Cash flows from (used for) investing activities:
   	$fill in the blank 1173c507f057fd1_15
   	fill in the blank 1173c507f057fd1_17
   Net cash flow from investing activities		fill in the blank 1173c507f057fd1_18
   Cash flows from (used for) financing activities:
   	$fill in the blank 1173c507f057fd1_20
   	fill in the blank 1173c507f057fd1_22
   Net cash flow from financing activities		fill in the blank 1173c507f057fd1_23
   		$fill in the blank 1173c507f057fd1_25
   Cash balance, January 1, 20Y2		fill in the blank 1173c507f057fd1_26
   Cash balance, December 31, 20Y2		$fill in the blank 1173c507f057fd1_27

   b. Was Olson-Joness net cash flow from operations more or less than net income?

   The source(s) of the difference are:

   1. Gain on the sale of land
   2. Purchase of equipment
   3. Sale of common stock
   4. Changes in current operating assets and liabilities
   5. Depreciation expense
   6. Dividends paid