Statement of Cash Flows-Indirect Method The comparative balance sheet of Merrick Equipment Co. for December 31, 2019 and 2018, is as follows: Dec. 31, 2019 Dec 31, 2048 Assets Cash $239,320 $225,440 Accounts receivable (net) 86,700 80,970 Inventories 244,730 239,720 Investments 0 92,880 Land 125,530 Equipment 270,020 211,950 Accumulated depreciation-equipment (63,220) (57,150) Total assets $903,080 $793,810 Liabilities and Stockholders' Equity Accounts payable $163,460 $156,380 Accrued expenses payable 16,260 20,640 Dividends payable 9,030 7,140 Common stock, $10 par 48,770 38,900 Paid-in capital: Excess of issue price over par-common stock 183,330 107,960 Retained earnings 482,230 462,790 Total liabilities and stockholders' equity $903,080 $793,810 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 $83,590 cash. d. The common stock was issued for cash. e. There was a $56,750 credit to Retained Earnings for net income. f. There was a $37,310 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 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