The comparative balance sheet of Olsonvones industries inc. for December 31, 20Y2 and 20Y1, is as follows: The following additional information is taiken from the records: 1. Land was sold for $129, 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 $339 credit to Retained Eamings for net income. 6. There was an $101 debit to Retained Eamings for cash dividends declared. Required: A. Prepare a statement of cash flows, using the indirect method of presenting cash flows from eoerafiog activities, Aefer to the Labels and Amount Descriptions list provided for the exact wording of the answer choices for text entries. Be sure to complete the heading of the statement Use the minus sign to indicate cash out llows, cash payments, decreases in cash, or any negative adfustments. B. Was the net cash flow from operations for Oison Jones industries inc. more or fess than net income? What is the source of this diflerence? Labels and Amount Descriptions Amortization of intangible assets Cash used for dividends Cash used for purchase of equipment Cash from sale of common stock Cash from sale of land December 31, 20Y2 Decrease in accounts payable Decrease in accounts receivable Decrease in cash Decrease in inventories Depreciation For the Year Ended December 31, 20Y2 Gain on sale of land Increase in accounts payable Increase in accounts receivable Increase in cash Depreciation For the Year Ended December 31, 20Y2 Gain on sale of land Increase in accounts payable Increase in accounts receivable Increase in cash Increase in inventories Loss on sale of land Net cash flow from operating activities Net cash flow used for operating activities Net cash flow from investing activities Net cash flow used for investing activities Net cash flow from financing activities Net cash flow used for financing activities Net income Net loss Otondenes industries he Score: 21/454 simenent of Cash Fiom (Libe)!) 1 Net iscone 1. Incene in accounts recelvabir 1. Wowis in inentor $53900 1. Lorase is accounts payable 1. hoeare in ovident Pyoble 1. Depieciation 400 13 Gin os sile drund \$, 45000 H. Arctuse a Equipment $5600 Instructions Statement of Cash Flows \begin{tabular}{|l|c|} \hline 9 & Depreciation \\ \hline 10 Gain on sale of land \\ 11 Cash flows from (used for) investing activities: \end{tabular} 12 Purchase of Equipment $56.00 13 14 15 Cash flows from (used for) financing activities: 16 17 18 19 20. Cash at the beginning of the year 21 Cash at the end of the year $489.00 Feedback Check My Work