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		$176		$55
Accounts receivable (net)		100		69
Inventories		63		38
Land		143		156
Equipment		80		60
Accumulated depreciation-equipment		(22)		(11)
	Total Assets	$540		$367
Liabilities and Stockholders' Equity
Accounts payable (merchandise creditors)		$68		$55
Dividends payable		11		-
Common stock, $1 par		36		17
Paid-in capital: Excess of issue price over parcommon stock		93		43
Retained earnings		332		252
	Total liabilities and stockholders' equity	$540		$367

The following additional information is taken from the records:

1. Land was sold for $33.
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 $116 credit to Retained Earnings for net income.
6. There was a $36 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.

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

Olson-Jones Industries Inc. Statement of Cash Flows For the Year Ended December 31, 2012 Cash flows from operating activities: Net income Adjustments to reconcile net income to net cash flow from operating activities: Loss on sale of land Increase in accounts payable 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: Net cash flow from financing activities Cash at the beginning of the year Cash at the end of the year $