Statement of Cash Flows-Indirect Method The comparative balance sheet of Merrick Equipment Co. for December 31, 20Y9 and 20Y8, is as follows: Dec. 31,Dec. 31, 20Y9 20Y8 Assets Cash Accounts receivable (net) Inventories Investments Land Equipment Accumulated depreciation-equipment $228,730 $213,270 76,600 82,860 233,920226,7 87,860 119,980 258,080 200,500 (60,420) (54,070) Total assets $863,150 $750,940 Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Dividends payable Common stock, $10 par Paid-in capital: Excess of issue price over par-common stock Retained earnings $156,230 $147,940 19,520 6,760 36,800 102,130 437,790 $863,150 $750,940 15,540 8,630 46,610 175,220 460,920 Total liabilities and stockholders' equity Additional data obtained from an examination of the accounts in the ledger for 20Y9 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 $79,070 cash d. The common stock was issued for cash. e. There was a $58,420 credit to Retained Earnings for net income. f. There was a $35,290 debit to Retained Earnings for cash dividends declared