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Statement of cash flows-indirect method The comparative balance sheet of Merrick Equipment Co. for December 31, 20Y and 20Y8, is as follows: Total liabilities and stockholders' equity $1,211,760$901,680 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 $141,680 credit to Retained Earnings for net income. f. There was a $102,000 debit to Retained Earnings for cash dividends declared. Required: Prepare a statement of cash flows, using the indirect method of presenting cash flows from (used for) operating activitie cash payments, decreases in cash, or any negative adjustments. Merrick Equipment Co. Statement of Cash Flows For the Year Ended December 31, 20Y Line Item Description Cash flows from (used for) operating activities: Adjustments to reconcile net income to net cash flows from (used for) operating activities: Depreciation Gain on sale of investments Changes in current operating assets and liabilities: Increase in accounts receivable Increase in inventories v Increase in accounts pavable Decrease in accrued expenses payable x Net cash flows from operating octivitios Cash flows from (used for) investing activities: Cash recelved from sale of investments Cash paid for purchase of land Cash paid for purchase of equipment Net cash flows from investing activities Cash flows from (used for) financing activities: Cash received from sale of common stock Cash paid for dividends = Net cash flows from finaricing activities Check My Work