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, 20Y9 Dec. 31, 2018 Assets Cash $311,880 $289,450 Accounts receivable (net) 112,980 103,960 Inventories 318,940 307,790 Investments 0 119,250 Land 163,590 0 Equipment 351,890 272,130 Accumulated depreciation-equipment (82,380) (73,380) Total assets $1,176,900 $1,019,200 Llabilities and Stockholders' Equity $213,020 $200,780 Accounts payable Accrued expenses payable 21,180 26,500 Dividends payable 11,770 9,170 Common stock, $10 par 63,550 49,940 Llabilities and Stockholders' Equity Accounts payable $213,020 21,180 $200,780 26,500 Accrued expenses payable Dividends payable 11,770 9,170 Common stock, $10 par 63,550 49,940 Paid-in capital: Excess of issue price over par-common stock 238,910 138,610 Retained earnings 628,470 594,200 Total liabilities and stockholders' equity $1,176,900 $1,019,200 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 $107,330 cash. d. The common stock was issued for cash. e. There was a $82,170 credit to Retained Earnings for net income. f. There was a $47,900 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 pay negative adjustments. Merrick Equipment Co. Statement of Cash Flows For the Year Ended December 31, 2019