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Statement of Cash Flows-Indirect Method The comparative balance sheet of Merrick Equipment Co. for December 31, 2019 and 2048, is as follows: Dec. 31, 2019 Dec. 31, 2018 Assets Cash $280,600 101,650 286,960 $262,530 94,290 Accounts receivable (net) Inventories 279,180 0 108,150 Investments Land Equipment Accumulated depreciation equipment 0 147,180 316,610 (74,120) $1,058,880 246,810 (66,560) Total assets $924,400 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $191,660 $182.110 Accrued expenses payable (operating expenses) 19,060 24,030 Dividends payable 10,590 8,320 Common stock, $10 par 57,190 45,300 Paid-in capital in excess of par-common stock 214,950 125,720 Retained earnings 565,440 $38.920 Total abilities and stockholders' equity $1,058,880 $924,400 Additional data obtained from an examination of the accounts in the ledger for 2019 are as follows: .. Equipment and land were acquired for cash . There were no disposals of equipment during the year. The investments were sold for $126,540 cash d. The common stock was issued for cash There was 309.970 credit to Retained Earnings for net income 1. There was $43.450 debt to Retained Earnings for cash dividends declared Prement of cashowing the invest method of presenting shows from wes the mine si Merrick Equipment Co. Statement of Cash Flowe For the Year Ended December 2019 As wed Boerer 31 FOR Acerved expenses payable (operating expenses 19.000 24.030 Dividend payabia 10.590 8320 Common stock, 510 57.100 45.300 Paid in capitaines pron stock 214,10 125,220 565,440 538.920 Futab holder ty $1,050,000 3924.400 industand from an examination of the accounts in the leder for 2019 e flow opment and land were equired for There were no dispostament during the year The investits sole for $125.50 4. The common stock masued for a . There was 69,970 to Retained Earnings for income 1. There was a 141.450 tonnet taring for hvidde decir Required Prepare a fashon, using the indirect method of cash flow home. Use them in the camere Inch or any gente Morrick quimento Satment of Cash Flow For the Year Ended December 31, 2017 Cainfowarowed for eating Arco tone che trompet Charges in turrureries and its Newt DDDD Netwer formed for Retained earnings 565,440 538,920 Total liabilities and stockholders' equity $1,058,880 $924,400 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. The Investments were sold for $126,540 cash. d. The common stock was issued for cash. e. There was a $69,970 credit to Retained Earnings for net income. f. There was a $43,450 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 mir Merrick Equipment Co. Statement of Cash Flows For the Year Ended December 31, 2019 Cash flows from (used for) operating activities: Adjustments to reconcile net income to net cash flow from operating activities: Changes in current operating assets and liabilities: Net cash flow from operating activities Cash flows from (used for) Investing activities: Net cash flow used for investing activities Cash flows from used for) financing activities: Netshow from financing activities Cashience, January 1, 2019 Cash balance, December 31, 2019 All work saved