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Statement of Cash Flows Indirect Method The comparative balance sheet of Merrick Equipment Co. for December 31, 2019 and 2078, is as follows: Dec. 31, Dec. 31, 2019 2018 Assets Accounts receivable (net) $70,720 207,230 298,520 Inventories $47,940 188,190 289,850 102,000 Investments Equipment Accumulated depreciation equipment Total assets 295,800 438,600 (99,110) 358,020 (84,320) $901,680 $1,211,760 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $205,700 $194,140 Accrued expenses payable (operating expenses) 30.600 26,860 Dividends payable 25.500 20,400 Common stock, 51 par 202.000 102.000 Paid-in capital Excess of issue price over par-common stock 354,000 204,000 Retained earnings 393.960 354,280 Total liabilities and stockholders' equity $1,211,760 5901.680 Additional data obtained from an examination of the accounts in the leder 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 $91.800 cash The common stock was issued for cash. There was a $141.680 credit to retained Earnings for net income f. There was a $100.000 debit to Retained Earnings for th dividends declared Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities. Use the minus sign to indicate cash out flows, cash payments, decreases in cash, or any negative adjustments. Merrick E n co. Statement of Cash Flows For the Year Ended December 31, 2019 Cash flows from operating activities Net income 141.400.00 Adjustments to reconcle net income to net cash flow from operating activities Depreciation Loss on sale of vestments changes in current operating assets and abilities: Increase in t r eceivable Increase in inventaries Increase in accounts payable Increase in accrued expenses payable 154.260.00 91.800.00 Net cash flow from operating activities Cash flows from investing activities Cashewed from sale of investments Cash paid for purchase of land Cash paid for purchase of equipment 80.580.00 284.580.00 x Net cash flow used for investing activities Cash flows from financing activitas Cash received from sale of common stock Cash paid for dividende watch flow from Branding activities Chweinca Cash at beginning of the year 70.720.00