Statement of Cash Flows-Indirect Method The comparative balance sheet of Merrick Equipment Co. for December 31, 2019 and 20Y8, is as follows: Dec. 31, 2099 Dec. 31, 2048 Assets Cash Accounts receivable (net) $295,980 107,220 302,670 $274,690 98,660 292,100 113,170 Inventories Investments 0 Land 155,250 Equipment 258,250 333,950 (78,180) Accumulated depreciation-equipment (69,640) Total assets $1,116,890 $967,230 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $202,160 $190,540 20,100 25,150 8,710 11,170 Accrued expenses payable (operating expenses) Dividends payable Common stock, $10 par Paid-in capital in excess of par-common stock 60,310 47,390 226,730 131,540 Retained earnings 596,420 563,900 Total liabilities and stockholders' equity $1,116,890 $967,230 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 $132,410 cash. d. The common stock was issued for cash. e. There was a $77,980 credit to Retained Earnings for net income. f. There was a $45,460 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, 2019 Cash flows from (used for) operating activities: Net Income 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 balance, January 1, 2049 Cash balance, December 31, 2049