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		$121		$38
Accounts receivable (net)		69		48
Inventories		43		26
Land		99		108
Equipment		55		41
Accumulated depreciation-equipment		(15)		(8)
	Total Assets	$372		$253
Liabilities and Stockholders' Equity
Accounts payable (merchandise creditors)		$47		$38
Dividends payable		7		-
Common stock, $1 par		25		12
Paid-in capital: Excess of issue price over parcommon stock		65		30
Retained earnings		228		173
	Total liabilities and stockholders' equity	$372		$253

The following additional information is taken from the records:

1. Land was sold for $23.
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 $80 credit to Retained Earnings for net income.
6. There was a $25 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 operating activities:
Cash received from sale of common stockDecrease in accounts receivableIncrease in inventoriesNet incomeNet income	$Net income
Adjustments to reconcile net income to net cash flow from operating activities:
Decrease in accounts receivableDepreciationIncrease in accounts receivableLoss on sale of landDepreciation	Depreciation
Decrease in inventoriesGain on sale of landIncrease in accounts payableLoss on sale of landGain on sale of land	Gain on sale of land
Changes in current operating assets and liabilities:
Decrease in accounts receivableDecrease in inventoriesDepreciationIncrease in accounts receivable	- Select -
Decrease in accounts payableDecrease in accounts receivableDecrease in inventoriesIncrease in inventories	- Select -
Cash paid for dividendsDecrease in accounts payableDepreciationIncrease in accounts payable	- Select -
Net cash flow from operating activities		$fill in the blank f995c007500efe8_13
Cash flows from (used for) investing activities:
Cash paid for dividendsCash from sale of landDepreciationGain on sale of land	$- Select -
Cash used for purchase of equipmentCash received from sale of common stockDepreciationIncrease in inventories	- Select -
Net cash flow from investing activities		fill in the blank f995c007500efe8_18
Cash flows from (used for) financing activities:
Cash from sale of common stockCash received from sale of landDecrease in accounts payableDepreciation	$- Select -
Cash used for dividendsCash received from sale of landDecrease in inventoriesIncrease in accounts receivable	- Select -
Net cash flow from financing activities		fill in the blank f995c007500efe8_23
Decrease in cashIncrease in cash		$- Select -
Cash at the beginning of the year		fill in the blank f995c007500efe8_26
Cash at the end of the year		$fill in the blank f995c007500efe8_27

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

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