Statement of Cash Flows-Indirect Method The comparative balance sheet of Merrick Equipment Co. for December 31, 2019 and 2048, is as follows: Dec. 31, 2049 Dec. 31, 2048 Assets Cash $233,550 $217,260 Accounts receivable (net) 84,610 78,030 Inventories 238,840 231,030 Investments 0 89,500 Land 122,500 0 Equipment 263,510 204,250 Accumulated depreciation-equipment (61,690) (55,080) Total assets $881,320 $764,990 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $159,520 $150,700 Accrued expenses payable (operating expenses) 15,860 19,890 Dividends payable 8,810 6,880 Common stock, $10 par 47,590 37,480 Paid-in capital in excess of par-common stock 178,910 104,040 Retained earnings 470,630 446,000 Total liabilities and stockholders' equity $881,320 $764,990 Additional data obtained from an examination of the accounts in the ledger for 2049 are as follows: 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 $104,720 cash. d. The common stock was issued for cash. e. There was a $60,580 credit to Retained Earnings for net income. f. There was a $35,950 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, 2019 Cash flows from (used for) operating activities: Adjustments to reconcile net income to net cash flow from operating activities: I ll Changes in current operating assets and liabilities: Net cash flow from operating activities Cash flows from (used for) investing activities: o Required: Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities. se 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, 2019 Cash flows from (used for) operating activities: Adjustments to reconcile net income to net cash flow from operating activities: Changes in current operating assets and liabilities: 1 dl 1. p. . 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: 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 balance, January 1, 2049 Cash balance, December 31, 2019