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, 20Y9 Dec. 31, 20Y8 $280,310 $261,960 101,550 94,080 286,670 278,560 0 107,920 147,030 0 316,280 246,280 (74,050) (66,410) $1,057,790 $922,390 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $191,460 $181,710 Accrued expenses payable (operating expenses) 19,040 23,980 Dividends payable 10,580 8,300 Common stock, $10 par 57,120 45,200 Paid-in capital in excess of par-common stock 214,730 125,450 Retained earnings 564,860 537,750 Total liabilities and stockholders' equity $1,057,790 $922,390 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 $126,270 cash. d. The common stock was issued for cash. e. There was a $70,460 credit to Retained Earnings for net income. f. There was a $43,350 debit to Retained Earnings for cash dividends declared.