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

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

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Dec. 31,2016 Dec. 31, 2015 Assets 490 280 175 400 225 Accounts recelvable (net).. 160 200 110 450 175 Liabilities and Stockholders Equity 1,510 1,065 Accounts payable (merchandise creditors) . . $ 175 30 100 250 160 Paid-in capital: Excess of issue price over par-common stock.... 50 125 Total liabilities and stockholders' equity... $1,510 1,065