Statement of Cash FlowsIndirect Method

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 $288,500 $266,520 Accounts receivable (net) 104,510 95,720 Inventories 295,030 283,410 Investments 0 109,800 Land 151,330 0 Equipment 325,520 250,560 Accumulated depreciationequipment (76,210) (67,570) Total assets $1,088,680 $938,440 Liabilities and Stockholders' Equity Accounts payable $197,050 $184,870 Accrued expenses payable 19,600 24,400 Dividends payable 10,890 8,450 Common stock, $10 par 58,790 45,980 Paid-in capital: Excess of issue price over par-common stock 221,000 127,630 Retained earnings 581,350 547,110 Total liabilities and stockholders equity $1,088,680 $938,440 Additional data obtained from an examination of the accounts in the ledger for 20Y9 are as follows: Equipment and land were acquired for cash. There were no disposals of equipment during the year. The investments were sold for $98,820 cash. The common stock was issued for cash. There was a $78,350 credit to Retained Earnings for net income. There was a $44,110 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, 20Y9 Cash flows from operating activities: Net income $fill in the blank 2 Adjustments to reconcile net income to net cash flow from operating activities: Depreciation fill in the blank 4 Loss on sale of investments fill in the blank 6 Changes in current operating assets and liabilities: Increase in accounts receivable fill in the blank 8 Increase in inventories fill in the blank 10 Increase in accounts payable fill in the blank 12 Decrease in accrued expenses payable fill in the blank 14 Net cash flow from operating activities $fill in the blank 15 Cash flows from (used for) investing activities: Cash from sale of investments $fill in the blank 17 Cash used for purchase of land fill in the blank 19 Cash used for purchase of equipment fill in the blank 21 Net cash flow used for investing activities fill in the blank 22 Cash flows from (used for) financing activities: Cash from sale of common stock fill in the blank 24 Cash used for dividends fill in the blank 26 Net cash flow from financing activities fill in the blank 27 Increase in cash $fill in the blank 29 Cash at the beginning of the year fill in the blank 30 Cash at the end of the year $fill in the blank 31