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, 20Y9 Dec. 31, 20Y8 Assets Cash Accounts receivable (net) Inventories $70,720 $47,940 207,230 188,190 298,520 289,850 0 102,000 Land 295,800 438,600 358,020 (99,110) (84,320) Accumulated depreciation-equipment Total assets $1,211,760 $901,680 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) Accrued expenses payable (operating expenses) Dividends payable Common stock, $1 par Paid-in capital: Excess of issue price over par-common stock Retained earnings $205,700 $194,140 6,860 25,500 20,400 202,000 102,000 54,000 204,000 393,960 354,280 $1,211,760 $901,680 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 $91,800 cash. d. The common stock was issued for cash. e. There was a $141,680 credit to Retained Earnings for net income. f. There was a $102,000 debit to Retained Earnings for cash dividends dedared. Required: Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities. Use the mi cash out flows, cash payments, decreases in cash, or any negative adjustments Check My Work 5 more Check My Work uses remaining eBook Show Me HowCalculator 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 $91,800 cash. d. The common stock was issued for cash. e. There was a $141,680 credit to Retained Earnings for net income. f. There was a $102,000 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 si cash out flows, cash payments, decreases in cash, or any negative adjustments. Merrick Equipment Co Statement of Cash Flows For the Year Ended December 31, 20Yg