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 Liabilities and Stockholders' Equity Dec. 31, 2019 Dec. 31, 2018 $70,720 $47,940 207,230 188,190 298,520 289,850 0 102,000 295,800 0 438,600 358,020 (99,110) (84,320) $1,211,760 $901,680 Accounts payable (merchandise creditors) $205,700 $194,140 Accrued expenses payable (operating expenses) 30,600 26,860 Dividends payable 25,500 20,400 Common stock, $1 par 202,000 102,000 Paid-in capital in excess of par-common stock 354,000 204,000 Retained earnings 393,960 354,280 Total liabilities and stockholders' equity $1,211,760 $901,680 Additional data obtained from an examination of the accounts in the ledger for 20Y9 are as follows: