Statement of cash flows$-$indirect method

The comparative balance sheet of Merrick Equipment Co$.$ for December $31,20Vg$ and $20V8,$ is as follows:

Additional data obtained from an examination of the accounts in the ledger for $20V9$ 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 $$141,410$ cash.

d$.$ The common stock was issued for cash.

e$.$ There was a $$81,850$ credit to Retained Earnings for net income.

f$.$ There was a $$48,550$ 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 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 $31,20$Y$9$

Line Item Description Amount Amount

Cash flows from $($used for$)$ operating activities: blank

Net income

$Net income

Adjustments to reconcile net income to net cash flows from $($used for$)$ operating activities: blank

Depreciation

Depreciation

$8,930$

Gain on sale of investments

Gain on sale of investments

$20,550$

Changes in current operating assets and liabilities: blank

Decrease in accounts receivable

Decrease in accounts receivable

$8,890$

Decrease in inventories

Decrease in inventories

$10,550$

Decrease in accounts payable

Decrease in accounts payable

$11,900$

Increase in accrued expenses payable

Increase in accrued expenses payable

$-5,440$

Net cash flows used for operating activities

blank $Net cash flows used for operating activities

Cash flows from $($used for$)$ investing activities: blank

Cash received from gain on sale of investments

$Cash received from gain on sale of investments

Cash paid for purchase of land

Cash paid for purchase of land

$-120,860$

Cash paid for purchase of equipment

Cash paid for purchase of equipment

$80,020$

Net cash flows used for investing activities

blank Net cash flows used for investing activities

Cash flows from $($used for$)$ financing activities: blank

Cash received from sale of common stock

$Cash received from sale of common stock

$13,640$

Cash paid for dividends

Cash paid for dividends

$51,150$

Net cash flows from financing activities

blank Net cash flows from financing activities

Net increase in cash

blank $Net increase in cash

Cash balance, January $1,20$Y$9$ blank Cash balance, January $1,20$Y$9$

Cash balance, December $31,20$Y$9$