Statement of Cash Flows-Indirect Method The comparative balance sheet of Merrick Equipment Co. for December 31, 20Y9 and 20Y8, is as follows: Cash Accounts receivable (net) Inventories Investments Land Equipment Assets Accumulated depreciation-equipment Total assets Dec. 31, 20Y9 Dec. 31, 20Y8 $246,400 $231,850 89,260 83,270 251,990 246,550 0 95,520 129,250 0 278,020 217,980 (65,090) (58,780) $929,830 $816,390 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $168,300 $160,830 Accrued expenses payable (operating expenses) 16,740 21,230 Dividends payable 9,300 7,350 Common stock, $10 par 50,210 40,000 Paid-in capital in excess of par-common stock 188,760 111,030 Accrued expenses payable (operating expenses) 16,740 21,230 Dividends payable 9,300 7,350 Common stock, $10 par 50,210 40,000 Paid-in capital in excess of par-common stock 188,760 111,030 Retained earnings 496,520 475,950 Total liabilities and stockholders' equity $929,830 $816,390 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 $111,760 cash. d. The common stock was issued for cash. e. There was a $58,940 credit to Retained Earnings for net income. f. There was a $38,370 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 i cash, or any negative adjustments. Merrick Equipment Co. Statement of Cash Flows For the Year Ended December 31, 20Y9 Cash flows from (used for) operating activities: Adjustments to reconcile net income to net cash flow from operating activities: