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

Line Item Description	December 31, 20Y2	December 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.

Question Content Area

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.