Statement of Cash Flows-Indirect Method The comparative balance sheet of Merrick Equipment Co. for December 31, 2019 and 2088, is as follows: Dec. 31, 2019 Dec. 31, 20Y8 Assets Cash Accounts receivable (net) Inventories Investments Land Equipment Accumulated depreciation-equipment $251,560 91,130 257,250 0 131,950 283,830 (66,450) $949,270 $233,200 83,750 247,980 96,070 0 219,240 (59,120) $821,120 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 $ 171,820 17,090 9,490 51,260 192,700 506,910 $949,270 $161,760 21,350 7,390 40,230 111,670 478,720 $821,120 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 $112,400 cash. d. The common stock was issued for cash. e. There was a $66,780 credit to Retained Earnings for net income. f. There was a $38,590 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: 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 in Cash balance, January 1, 2019 5 Cash balance, December 31, 2049