Statement of Cash Flows-Indirect Method The comparative balance sheet of Merrick Equipment Co. for December 31, 2019 and 20Y8, is as follows: Dec. 31, 2019 Dec. 31, 20Y8 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 $254,340 $236,860 92,140 85,070 260,080 251,880 0 97,580 133,410 0 286,970 222,690 (67,180) (60,050) $959,760 $834,030 $173,720 $164,300 17,280 21,680 9,600 7,510 51,830 40,870 104830 113 430 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 $959,760 $834,030 G $173,720 $164,300 17,280 21,680 9,600 7,510 51,830 40,870 194,830 113,430 512,500 486,240 $959,760 $834,030 Additional data obtained from an examinatid 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 $114,170 cash. d. The common stock was issued for cash. e. There was a $65,460 credit to Retained Earnings for net income. f. There was a $39,200 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. Check My Work 3 more Check My Work uses remaining Previous All work saved. Sand Fut Sim Arimmant for G 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 (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 received from loss on sale of investments Cash paid for purchase of land Cash paid for retained earnings Net cash flow used for investing activities Check My Work 3 more Check My Work uses remaining 000 0000 00 0 Previous fumt simmer for Grading Maps Translate Canvas Courses 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 received from loss on sale of investments Cash paid for purchase of land Cash paid for retained earnings Net cash flow used for investing activities Cash flows from (used for) financing activites Cash received from sale of common stock Cash paid for dividends Net cash flow from financing activities feet increase in cash Cash balance, January 1, 2019 Cash balance, December 31, 2019 Check My Work 3 more Check My Work uses remaining 0 0000 000 00 10000 0 0 Save and Exit Previous Submit Assignment for Grading