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 Accounts receivable (net) $285,490 103,790 292,980 $267.120 95,940 284,040 110,050 Inventories Investments Land Equipment 150,270 323,250 (75,680) $1,081,100 Accumulated depreciation-equipment Total assets 251,130 (67,720) $940,560 Liabilities and Stockholders' Equity Accounts payable 5195,680 $185,290 Accrued expenses payable 19,460 24,450 Dividends payable 10,810 8,470 Common stock, $10 par 58,380 46,090 Paid-in capital: Excess of issue price over par-common stock 219,450 127,920 Retained earnings 577,310 548,340 Total liabilities and stockholders' equity $1,081,100 $940,560 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 $99,050 cash. d. The common stock was issued for cash. e. There was a 573,180 credit to Retained Earnings for net income. f. There was a 544,210 debit to Retained Earnings for cash dividends declared. 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, 2049 Cash flows from 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: Net cash flow from financing activities Cash at the beginning of the year Cash at the end of the year