Statement of Cash Flows-Indirect Method The comparative balance sheet of Merrick Equipment Co. for December 31, 2049 and 20Y8, is as follows: Dec. 31, 2049 Dec. 31, 2048 Assets Cash $227,500 Accounts receivable (net) $242,880 87,990 248,370 81,710 Inventories 241,900 93,720 Investments Land 127,400 Equipment 274,040 (64,160) 213,880 (57,670) Accumulated depreciation-equipment Total assets $916,520 $801,040 Liabilities and Stockholders' Equity Accounts payable $157,800 $165,890 16,500 20,830 Accrued expenses payable Dividends payable 9,170 7,210 Common stock, $10 par 49,490 39,250 Paid-in capital: Excess of issue price over par-common stock 186,050 108,940 Retained earnings 489,420 467,010 Total liabilities and stockholders' equity $916,520 $801,040 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 $84,350 cash. d. The common stock was issued for cash. e. There was a $60,060 credit to Retained Earnings for net income. f. There was a $37,650 debit to Retained Earnings for cash dividends declared. Required: Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments. Merrick Equipment Co. Statement of Cash Flows For the Year Ended December 31, 2049 Cash flows from operating activities: Adjustments to reconcile net income to net cash flow from operating activities: Changes in current operating assets and liabilities: Net cash flow from operating activities Cash flows from (used for) investing activities: Net cash flow used for investing activities Cash flows from (used for) financing activities: Net cash flow from financing activities Cash at the beginning of the year Cash at the end of the year