Statement of Cash Flows-Indirect Method The comparative balance sheet of Merrick Equipment Co. for December 31, 20Y9 and 2018, is as follows: Dec. 31, 2019 Dec. 31, 2018 Cash Accounts receivable (net) Inventories Investments Land Equipment Assets Accumulated depreciation-equipment Total assets Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) Accrued expenses payable (operating expenses) Dividends payable Common stock, $10 par Paid-in capital in excess of par-common stock Retained earnings Total liabilities and stockholders' equity $294,490 $276,160 106,680 99,180 301,160 293,650 0 113,770 154,470 332,280 259,630 (77,790) (70,010) $1,111,290 $972,380 $201,140 $191,560 20,000 25,280 11,110 8,750 60,010 47,650 225,590 132,240 593,440 566,900 $1,111,290 $972,380 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 $133,110 cash. d. The common stock was issued for cash. e. There was a $72,240 credit to Retained Earnings for net income.