Statement of Cash Flows-Indirect Method The comparative balance sheet of Merrick Equipment Co. for December 31, 2019 and 20Y8, is as follows: Cash Accounts receivable (net) Inventories Investments Land Equipment Assets Accumulated depreciation-equipment Total assets Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) Accrued expenses payable (operating expenses) Dividends payable Common stock, $10 par Paid-in capital in excess of par-common stock Retained earnings Total liabilities and stockholders' equity Dec. 31, 20Y9 Dec. 31, 2018 $227,470 $212,820 82,400 76,440 232,630 226,300 0 87,680 119,310 0 256,660 200,080 (60,090) (53,950) $858,380 $749,370 $155,370 $147,630 15,450 19,480 8,580 6,740 46,350 36,720 174,250 101,910 458,380 436,890 $858,380 $749,370 Additional data obtained from an examination of the accounts in the ledger for 2019 are as follows: Additional data obtained from an examination of the accounts in the ledger for 2019 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 $102,590 cash. d. The common stock was issued for cash. e. There was a $56,710 credit to Retained Earnings for net income. f. There was a $35,220 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. 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. Required: Statement of Cash Flows For the Year Ended December 31, 2019 Cash flows from (used for) operating activities: Net income Adjustments to reconcile net income to net cash flow from operating activities: Depreciation Loss on sale of investments Changes in current operating assets and liabilities: Decrease in accounts receivable Decrease in inventories Increase in accounts payable Decrease in accrued expenses payable Net cash flow from operating activities Cash flows from (used for) investing activities: Cash paid for purchase of land Net cash flow used for investing activities 0 00 0000 000 0 Cash flows from (used for) financing activities: Net cash flow from financing activities Cash balance, January 1, 2019 Cash balance, December 31, 2019 00 0000 C