Statement of Cash Flows The comparative balance sheet of Merrick Equipment Co. for December 31, 2019 and 2048, is as follows: Dec. 31, Dec. 31, 2079 2018 Assets Cash $267,840 $247,140 Accounts receivable (net) 97,030 88,760 Inventories 273,900 262,810 Investments 0 101,820 Land 140,490 0 Equipment 302,200 232,350 Accumulated depreciation-equipment (70,750) (62,660) Total assets $1,010,710 $870,220 Liabilities and Stockholders' Equity Accounts payable $182,940 $171,430 Accrued expenses payable 18,190 22,630 Dividends payable 10,110 7,830 Common stock, $10 par 54,580 42,640 Excess of paid-in capital over par 205,170 118,350 Retained earnings 539,720 507,340 Total liabilities and stockholders' equity $1,010,710 $870,220 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 $91,640 cash. d. The common stock was issued for cash. e. There was a $73,280 credit to Retained Earnings for net income. f. There was a $40,900 debit to Retained Earnings for cash dividends declared. Merrick Equipment Co. Statement of Cash Flows For the Year Ended December 31, 2049 Cash flows from (used for) operating activities: Net income Adjustments to reconcile net income to net cash flows from (used for) operating activities: Depreciation Loss on sale of investments Changes in current operating assets and liabilities: Increase in accounts receivable O II 1100 Increase in inventories Increase in accounts payable Decrease in accrued expenses payable Net cash flows from operating activities Cash flows from (used for) investing activities: Cash received from sale of investments Cash paid for purchase of land Cash paid for purchase of equipment Net cash flows used for investing activities Cash flows from (used for) financing activities: Cash received from issuing common stock QO Cash dividends Net cash flows from financing activities Net increase in cash $ Cash balance, January 1, 2019 Cash balance, December 31, 2019 $