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Statement of Cash Flows Indirect Method The comparative balance sheet o n for December 2049 in 2078, is as follows: Dec. 31, 20Y Dec. 31, 2048 $266,950 Accounts receivable (net) Toventries Tnvestments $285,000 103,250 291,460 95,880 283,880 109,980 Land Equipment Accumulated depreciation-equipment Total assets 149,490 321,570 (75,280) $1,075.490 250,970 (67,680) $939,980 Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Dividends payable Common stock, $10 par Paid-in capital: Excess of issue price over par common stock Retained earnings Total liabilities and stockholders' equity $194,660 19,360 10.750 58.080 $185,180 24,440 8,460 46,060 18 320 574,320 1075,490 Check My Work 3 more Check My Work uses remaining 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, 2019 Cash flows from operating activities: Cash flows from operating activities: Net income Adjustments to recor d income to net cash flow from operating activities: Denreciation Loss on sale of investments Changes in current operating assets and liabilities: Increase in accounts receivable Increase in inventories Increase in accounts payable Increase in accrued expenses payable Net cash flow from operating activities Cash flows from (used for) investing activities: Cash from sale of investments Cash used for purchase of land Cash used for purchase of equipment Net cash flow used for investing activities Cash flows from (used for) financing activities: Cash from sale of common stock Cash used for dividends Net cash flow from financing activities Increase in cash Cash at the beginning of the Year Cash at the end of the Year Sulement of Cich rows Indirect Method The comparative balance sheet of Merrick Equipment Co. for December 31, 2019 and 2088, is as follows: Dec. 31, Dec. 31, 2049 Assets Cech $285,000 103,250 291,460 $266,950 95,880 283,880 109,980 Accounts receivable (net) Inventories Investments Land Equipment Accumulated depreciation-equipment Total assets 149,490 321,570 (75,280) $1,075,490 250,970 (67,680) $939,980 $185, 180 24,440 Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Dividends payable Common stock, $10 par Paid-in capital: Excess of issue price over par common stoc Retained eamings Total liabilities and stockholders equity 18,460 $194,660 19,360 10.750 58,080 18,320 14,320 46,060 127 540 545,909 Check My Work 3 more cheok My Worrusel Accumulated depre equipment Total assets (75,280) $1,075,490 (67,660) $939,980 Liabilities and Stockholders' Equity Accounts payable $194,660 $185,180 Accrued expenses payable 19,360 24,440 Dividends payable 10,750 8,460 Common stock, $10 par 58,080 46,060 Paid-in capital: Excess of issue price over par-common stock 218,320 127,840 Retained earnings 574,320 548,000 Total liabilities and stockholders' equity $1,075,490 $939,980 Additional data obtained from an examination of the accounts in the ledger for 2049 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 $98,980 cash. d. The common stock was issued for cash. e. There was a $70,500 credit to Retained Earnings for net income f. There was a $44,180 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