Dec. 31, 20Y8 $47,940 188,190 289,850 102,000 0 Statement of Cash Flows-Direct Method applied to PR 13-18 The comparative balance sheet of Merrick Equipment Co. for Dec 31, 2049 and 20Y8, is: Dec. 31, 2049 Assets Cash $70,720 Accounts receivable (net) 207,230 Inventories 298,520 Investments 0 Land 295,800 Equipment 438,600 Accumulated depreciation-equipment (99,110) Total assets $1,211,760 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $205,700 Accrued expenses payable (operating expenses) 30,600 Dividends payable 25,500 Common stock, $1 par 202,000 Paid-in capital th excess of par-common stock 354,000 Retained earnings 393,960 Total liabilities and stockholders' equity $1,211,760 358,020 (84,320) $901,680 $194,140 26,860 20,400 102,000 204,000 354,280 $901,680 The income statement for the year ended December 31, 2019, is as follows: Sales $2,023,898 The income statement for the year ended December 31, 2099, is as follows: Sales $2,023,898 Cost of goods sold (1,245,476) Gross profit $778,422 Operating expenses: Depreciation expense $14,790 Other operating expenses 517,299 Total operating expenses (532,089) Operating income $246,333 Other expenses: Loss on sale of investments (10,200) Income before income tax $236,133 Income tax expense (94,453) Net Income $141,680 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 $91,800 cash. d. The common stock was issued for cash. e. There was a $102,000 debit to Retained Earnings for cash dividends declared. Required: Prepare a statement of cash flows, using the direct method of presenting cash flows from operating activities. Use the payments, decreases in cash, or any negative adjustments. Merrick Equipment Co. Statement of Cash Flows payments, 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: 0000 000 Net cash flow from operating activities Cash flows from (used for) investing activities:
