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, 2018 Assets Cash Accounts receivable (net) $240,270 87,040 245,710 $225,310 80,920 239,590 92,820 Inventories Investments Land Equipment 126,030 271,090 (63,470) $906,670 Accumulated depreciation equipment 211,820 (57,120) $793,340 Total assets Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Dividends payable Common stock, $10 par Pald-in capital: Excess of issue price over par-common stock $164,110 16,320 9,070 48,960 184,050 $156,290 20,630 7,140 38,870 107,890 462,520 $793,340 Retained earnings 484,160 Total liabilities and stockholders' equity $906,670 Additional data obtained from an examination of the accounts in the ledger for 2019 are as follows: a. Equipment and land were acquired for cash 1. There were no disposals of equipment during the year. The investments were sold for $83,540 cash d. The common stock was issued for cash e. There was a $58,930 credit to Retained Earnings for net income. 1. There was a $37,290 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: Net income Adjustments to reconcile net income to net cash flow from operating activities: Depreciation Loss on sale of investments Changes in current operating assets and liabilities: Increase in accounts receivable Increase in inventories Increase in accounts payable Decrease in accrued expenses payable Net cash flow from operating activities Cash flows from (used for) investing activities: Cash from sale of investments Cash used for purchase of land Cash used for purchase of equipment Net cash flow used for investing activities Cash flows from (used for) financing activities: Cash from sale of common stock Cash used for dividends Net cash flow from financing activities Increase in cash Cash at the beginning of the year Cash at the end of the year