Dec. 31, 2019 Dec. 31, 20Y8 Assets Cash $257,020 $239,640 93,110 86,070 Accounts receivable (net) Inventories Investments 262,840 254,830 0 98,720 Land 134,810 0 225,290 Equipment Accumulated depreciation-equipment 289,990 (67,890) (60,750) $843,800 Total assets $969,880 $175,550 $166,230 17,460 21,940 9,700 7,590 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) Accrued expenses payable (operating expenses) Dividends payable Common stock, $10 par Paid-in capital in excess of par--common stock Retained earnings Total liabilities and stockholders' equity 41,350 52,370 196,890 114,760 517,910 491,930 $969,880 $843,800 Additional data obtained from an examination of the accounts in the ledger for 2049 are as follows: Additional data obtained from an examination of the accounts in the ledger for 2019 are as follows: a. Equipment and land were acquired for cash b. There were no disposals of equipment during the year The investments were sold for $115,500 cash d. The common stock was issued for cash e. There was a $65,640 credit to Retained Earnings for net income f. There was a $39,660 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, cath payme decreases in cash, or any negative adjustments Merrick Equipment Co. Statement of Cash Flows For the Year Ended December 31, 2019 Cash flows from (used for) operating activities: Net Income 65,640 Adjustments to reconcile not income to net cash flow from operating activities Depreciation 7.140 Loss on sale of investments 1670 Changes in current operating assets and liabilities: Increase in accounts receivable 7.140 Increase in inventories 2010 Increase in accounts payable Decrease in accrued expenses payable Net cash flow from operating activities hapter omewe eBook Show Me How Print Item 7.140 16,780 7,140 8,010 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 Net cash flow from operating activities Cash flows from (used for) investing activities: Cash received from sale of investments Cash paid for purchase of land Cash paid for purchase of equipment Net cash flow used for investing activities Cash flows from (used for) financing activities: Cash received from sale of common stock Cash paid for dividends Net cash flow from financing activities Net increase in cash > I ORDI Cash balance, January 1, 2049 Cash balance, December 31, 2019