The comparative balance sheet of Pelican Joe Industries Inc. for December 31, 2016 and 2015, is as follows:

1		Dec. 31, 2016	Dec. 31, 2015
2	Assets
3	Cash	$488.00	$160.00
4	Accounts receivable (net)	278.00	201.00
5	Inventories	177.00	109.00
6	Land	400.00	448.00
7	Equipment	225.00	172.00
8	Accumulated depreciation-equipment	(58.00)	(29.00)
9	Total assets	$1,510.00	$1,061.00
10	Liabilities and Stockholders Equity
11	Accounts payable (merchandise creditors)	$176.00	$160.00
12	Dividends payable	28.00
13	Common stock, $10 par	103.00	55.00
14	Paid-in capital: Excess of issue price over parcommon stock	246.00	123.00
15	Retained earnings	957.00	723.00
16	Total liabilities and stockholders equity	$1,510.00	$1,061.00

The following additional information is taken from the records:

1.	Land was sold for $122.
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 Earnings for net income.
6.	There was an $105 debit to Retained Earnings for cash dividends declared.

Required:

A.

Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities. Refer 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. In the operating activities section, use the minus sign to indicate cash outflows, decreases in cash and a net cash out flow, if required. In the investing and financing activities section, use a minus sign only to indicate a NET cash outflow for the section.

B.

Was the net cash flow from operations for Pelican Joe Industries Inc. more or less than net income? What is the source of this difference?