Statement of Cash Flows-Indirect Method The comparative balance sheet of Merrick Equipment Co. for December 31, 2019 and 2018, is as follows: Cash Accounts receivable (net) Inventories Investments Land Equipment Assets Accumulated depreciation-equipment Dec. 31, 2019 Dec. 31, 2018 $278,180 $258,170 100,770 92,720 284,470 274,540 106,360 145,910 313,870 242,720 (73,480) (65,450) $1,049,720 $909,060 Total assets Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $190,000 $179,080) Accrued expenses payable (operating expenses) 18,890 23,640) Dividends payable 10,500 8,180 Common stock, $10 par 56,680 44,540 Paid-in capital in excess of par-common stock 213,090 123,630 Retained earnings 560,560 529,990 Total abilities and stockholders' equity $1,049,720 $909,060 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