The following additional information is taken from the records:

Land was sold for $28.

Equipment was acquired for cash.

There were no disposals of equipment during the year.

The common stock was issued for cash.

There was a $99 credit to Retained Earnings for net income.

There was a $30 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

ss

d

The comparative balance sheet of Olson-Jones Industries Inc. for December 31, 20Y2 and 20Y1, is as foll Dec. 31, 20Y2 Dec. 31, 20Y1 Assets Cash Accounts receivable (net) Inventories Land Equipment Accumulated depreciation-equipment $150 85 53 122 69 (18) $461 $47 59 32 133 51 Total Assets $313 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) Dividends payable Common stock, $10 par Paid-in capital: Excess of issue price over par-common stoclk Retained earnings $58 9 30 81 283 $461 $47 15 37 214 $313 Total liabilities and stockholders' equity