Statement of cash flows-indirect method The comparative balance sheet of Merrick Equipment Co. for December 31, 20Y9 and 20Y8, is as follows: Assets December December 31, 2019 31, 2018 Cash Accounts receivable (net) $289,930 $270,020 105,030 96,980 Inventories 296,500 287,120 Investments Land Equipment Accumulated depreciation-equipment Total assets 0 111,240 152,080 0 327,130 253,850 (76,590) (68,450) $1,094,080 $950,760 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $198,030 $187,300 Accrued expenses payable (operating expenses) 19,690 24,720 Dividends payable 10,940 8,560 Common stock, $10 par 59,080 46,590 Paid-in capital in excess of par-common stock 222,100 129,300 Retained earnings 584,240 554,290 Total liabilities and stockholders' equity $1,094,080 $950,760 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.