Accrued expenses payable 18,020 22,850 Dividends payable 10,010 7,910 Common stock, $10 par 54,060 43,070 Paid-in capital: Excess of issue price over par-common stock 203,240 119,550 534,620 Retained earnings 512,470 Total liabilities and stockholders' equity $1,001,160 $879,020 Additional data obtained from an examination of the accounts in the ledger for 20Y9 are as follows: a. Equipment and land were acquired for cash. b. There were no disposals of equipment during the year. c. The investments were sold for $92,570 cash d. The common stock was issued for cash. e. There was a $63,460 credit to Retained Earnings for net income. f. There was a $41,310 debit to Retained Earnings for cash dividends declared Required: Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments. Merrick Equipment Co Statement of Cash Flows For the Year Ended December 31, 20Y9 Cash flows from operating activities: Net income 63,460 Adjustments to reconcile net income to net cash flow from operating activities: Depreciation Loss on sale of investments Changes in current operating assets and liabilities Increase in accounts receivable Increase in inventories / Increase in accounts payable / Decrease in accrued expenses payable 6,790 10,280 -6,450 -5,850 8,040 4,830 Net cash flow from operating activitles Cash flows from (used for) investing activities: Cash received from net income x 71,440 92,570 Cash used for purchase of land 139,160 Cash used for purchase of equipment -64,650 Decrease in accrued expenses payable 4,830 71,440 Net cash flow from operating activities Cash flows from (used for) investing activities: Cash received from net income x Cash used for purchase of land Cash used for purchase of equipment 92,570 -139,160 64,650 111,240 X Net cash flow used for investing activities Cash flows from (used for) financing activities: Cash received from retained earnings x 63,460X Cash used for dividends 41,310x 55,290 X Net cash flow from financing activities Increase in cash 15,490 X 249,640 Cash at the beginning of the year 265,130 X Cash at the end of the year