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, Dec. 31, 2049 20Y8 Assets Cash $278,940 $262,470 Accounts receivable (net) 101,050 94,270 Inventories 285,270 279, 110 Investments 0 108,130 Land 146,310 0 246,760 Equipment Accumulated depreciation-equipment 314,730 (73,680) (66,540) Total assets $1,052,620 $924,200 Liabilities and Stockholders' Equity $190,520 $182,070 18,950 24,030 Accounts payable Accrued expenses payable Dividends payable Common stock, $10 par Paid-in capital: Excess of issue price over par-common stock 10,530 8,320 45,290 56,840 213,680 125,690 Retained earnings 562,100 538,800 Total liabilities and stockholders' equity $1,052,620 $924,200 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 $97,320 cash. d. The common stock was issued for cash. e. There was a $66,740 credit to Retained Earnings for net income. f. There was a $43,440 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: Changes in current operating assets and liabilities: Net cash flow from operating activities Cash flows from (used for) investing activities