ws EX 16-17 Statement of cash flows OBJ. 5 The comparative balance sheet of Hirayama Industries Inc. for December 31, 2012 and 20Y1, is as follows: Cash.... Accounts receivable (net).. Inventories.. Land.... Assets Equipment..... Accumulated depreciation-equipment.. Total assets.... Liabilities and Stockholders' Equity Accounts payable (merchandise creditors).. Dividends payable... Common stock, $1 par... Paid-in capital in excess of par.. Retained earnings.......... Total liabilities and stockholders' equity.... Dec. 31, 20Y2 Dec. 31, 20Y1 $234 70 150 320 262 (87) $949 $ 65 6 160 109 609 $949 $ 18 63 127 422 224 (54) $800 $ 47 102 90 561 $800 (Continued) The following additional information is taken from the records: 1. Land was sold for $153. b. 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 $79 credit to Retained Earnings for net income. 6. There was a $31 debit to Retained Earnings for cash dividends declared. a. Prepare a statement of cash flows, using the indirect method of presenting cash flows from (used for) operating activities. Was Hirayama Industries Inc.'s net cash flows from operations more or less. than net income? What is the source of this difference?