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		$292,000		$274,760
Accounts receivable (net)		105,780		98,680
Inventories		298,610		292,180
Investments		0		113,190
Land		153,160		0
Equipment		329,470		258,310
Accumulated depreciationequipment		(77,130)		(69,660)
	Total assets	$1,101,890		$967,460
Liabilities and Stockholders' Equity
Accounts payable		$199,440		$190,590
Accrued expenses payable		19,830		25,150
Dividends payable		11,020		8,710
Common stock, $10 par		59,500		47,410
Paid-in capital: Excess of issue price over par-common stock		223,680		131,570
Retained earnings		588,420		564,030
	Total liabilities and stockholders equity	$1,101,890		$967,460

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 $101,870 cash.

The common stock was issued for cash.

There was a $69,860 credit to Retained Earnings for net income.

There was a $45,470 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 out flows, cash payments, decreases in cash, or any negative adjustments.