Statement of Cash Flows

The comparative balance sheet of Merrick Equipment Co. for December 31, 20Y9 and 20Y8, is as follows:

		Dec. 31, 20Y9		Dec. 31, 20Y8
Assets
Cash		$70,720		$47,940
Accounts receivable (net)		207,230		188,190
Inventories		298,520		289,850
Investments		0		102,000
Land		295,800		0
Equipment		438,600		358,020
Accumulated depreciationequipment		(99,110)		(84,320)
Total assets		$1,211,760		$901,680
Liabilities and Stockholders' Equity
Accounts payable		$205,700		$194,140
Accrued expenses payable		30,600		26,860
Dividends payable		25,500		20,400
Common stock, $1 par		202,000		102,000
Excess of paid-in capital over par		354,000		204,000
Retained earnings		393,960		354,280
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:

1. Equipment and land were acquired for cash.
2. There were no disposals of equipment during the year.
3. The investments were sold for $91,800 cash.
4. The common stock was issued for cash.
5. There was a $141,680 credit to Retained Earnings for net income.
6. There was a $102,000 debit to Retained Earnings for cash dividends declared.