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		$259,770		$243,600
Accounts receivable (net)		94,110		87,490
Inventories		265,650		259,030
Investments		0		100,360
Land		136,260		0
Equipment		293,100		229,020
Accumulated depreciationequipment		(68,620)		(61,760)
	Total assets	$980,270		$857,740
Liabilities and Stockholders' Equity
Accounts payable		$177,430		$168,970
Accrued expenses payable		17,640		22,300
Dividends payable		9,800		7,720
Common stock, $10 par		52,930		42,030
Paid-in capital: Excess of issue price over par-common stock		198,990		116,650
Retained earnings		523,480		500,070
	Total liabilities and stockholders equity	$980,270		$857,740

Additional data obtained from an examination of the accounts in the ledger for 20Y9 are as follows:

1. Equipment and land were acquired for cash.
2. There were no disposals of equipment during the year.
3. The investments were sold for $90,320 cash.
4. The common stock was issued for cash.
5. There was a $63,720 credit to Retained Earnings for net income.
6. There was a $40,310 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.