The comparative balance sheet of Pelican Joe Industries Inc. for December 31, 2016 and a. Prepare the Cash Flows flows, using the indirect method for Interpret your results in part (a). b. 081.2 Statement of cash flows-indirect method om 5 2015, is as follows: Dec. 31, 2016 Dec 31, 2015 Assets $ 490 280 175 400 225 (60) $1,510 $ 160 200 110 450 175 (30 $1,065 Cash Accounts receivable (net) Inventories Land Equipment Accumulated depreciation--equipment Total assets Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) Dividends payable. Common stock, 510 par, Pald-in capital: Excess of issue price over par-common stock. Retained earnings..... Total liabilities and stockholders' equity. $ 160 $ 175 30 100 250 955 $1,510 50 125 730 $1,065 679 Chapter 14 Statement of Cash Flows The following additional information is taken from the records: 1. Land was sold for $125. 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 $325 credit to Retained Earnings for net income. 6. There was an $100 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. Was Pelican Joe Industries Inc. net cash flow from operations more or less than net income? What is the source of this difference? b