Statement of Cash Flows-Indirect Method The comparative balance sheet of Olson-Jones Industries Inc. for December 31, 20Y2 and 2041, is as follows: Dec. 31, Dec. 31, 2012 2011 Assets Cash $161 $51 Accounts receivable (net) 92 Inventories 57 35 Land 131 146 74 56 (20) (10) $495 $342 Equipment Accumulated depreciation equipment Total Assets Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) Dividends payable Common stock, $1 par Paid-in capital: Excess of issue price over par- common stock $62 $51 10 33 16 82 40 Retained earnings 308 235 Total liabilities and stockholders' equity $495 $342 308 Retained earnings 235 Total liabilities and stockholders' equity $495 $342 The following additional information is taken from the records: 1. Land was sold for $38. 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 $106 credit to retained Earnings for net income. 6. There was a $33 debit to Retained Eamings 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 payments, decreases in cash, or any negative adjustments. Olson-Jones Industries Inc. Statement of Cash Flows For the Year Ended December 31, 2012 Cash flows from operating activities: Adjustments to reconcile net income to net cash flow from operating activities: Changes in current operating assets and liabilities: All work saved Emad Instructor Save and Sub stv XW MacBook Air Changes in current operating assets and liabilities: Net cash flow from operating activities Cash flows from (used for) investing activities: Net cash flow from investing activities Cash flows from (used for) financing activities: Net cash flow from financing activities Cash at the beginning of the year Cash at the end of the year b. Was Olson-Jones Industries Inc.'s net cash flow from operations more or less than net income