Statement of Cash Flows-Indirect Method The comparative balance sheet of Merrick Equipment Co. for December 31, 2019 and 2048, is as follows: Dec. 31, Dec. 31, 2019 2048 Assets Cash $313,760 $290,530 113,660 104,340 Accounts receivable (net) Inventories Investments 320,860 308,930 0 119,690 Land 164,580 0 Equipment 354,020 273,140 Accumulated depreciation equipment (82,880) (73,650) Total assets $1,184,000 $1,022,980 $214,300 $201,530 Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Dividends payable 21,310 26,600 11,840 9,210 Common stock, $10 par 63,940 50,130 Paid-in capital: Excess of issue price over par-common stock 240,350 139,130 Common stock, $10 par 63,940 50,130 Paid-in capital: Excess of issue price over par-common stock 240,350 139,130 Retained earnings 632,260 596,380 Total liabilities and stockholders' equity $1,184,000 $1,022,980 Additional data obtained from an examination of the accounts in the ledger for 2049 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 $107,720 cash. d. The common stock was issued for cash. e. There was a $83,960 credit to Retained Earnings for net income. f. There was a $48,080 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, 2019 Cash flows from operating activities: Adjustments to reconcile net income to net cash flow from operating activities: Il Merrick Equipment Co. Statement of Cash Flows For the Year Ended December 31, 2019 Cash flows from operating activities: Adjustments to reconcile net income to net cash flow from operating activities: Changes in current operating assets and liabilities: Net cash flow from operating activities Cash flows from (used for) investing activities: Net cash flow used for investing activities Cash flows from (used for) financing activities: Net cash flow used for investing activities Cash flows from used for) financing activities: Net cash flow from financing activities Cash at the beginning of the year Cash at the end of the year