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: Assets Equipment Accumulated depreciation-equipment Total assets Dec. 31, 2019 Dec. 31, 20Y8 $282,700 $261,160 102,410 93,800 289,110 277,700 0 107,590 148,280 0 318,970 245,530 (74,680) (66,210) $1,066,790 $919,570 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $193,090 $181,160 Accrued expenses payable (operating expenses) 19,200 23,910 Dividends payable 10,670 8,280 Common stock, $10 par 57,610 45,060 Paid-in capital in excess of par-common stock 216,560 125,060 Retained earnings 569,660 536,100 Total liabilities and stockholders' equity $1,066,790 $919,570 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 $125,880 cash. d. The common stock was issued for cash. e. There was a $76,780 credit to Retained Earnings for net income. f. There was a $43,220 debit to Retained Earnings for cash dividends declared.