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, Dec. 31, 2049 2048 Assets Cash $307,980 $290,120 Accounts receivable (net) 111,570 104,200 Inventories 314,950 308,510 Investments 0 119,520 Land 161,540 0 Equipment 347,490 272,760 Accumulated depreciation-equipment (81,350) (73,550) Total assets $1,162,180 $1,021,560 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $210,350 $201,250 Accrued expenses payable (operating expenses) 20,920 26,560 Dividends payable 11,620 9,190 Common stock, $10 par 62,760 50,060 Paid-in capital in excess of par-common stock 235,920 138,930 Retained earnings 620,610 595,570 Total liabilities and stockholders' equity $1,162,180 $1,021,560 Additional data obtained from an examination of the accounts in the ledger for 2049 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 $139,840 cash. d. The common stock was issued for cash. e. There was a $73,050 credit to Retained Earnings for net income. f. There was a $48,010 debit to Retained Earnings for cash dividends declared. Required: nents, 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 decreases in cash, or any negative adjustments. Statement of Cash Flows For the Year Ended December 31, 2019 Cash flows from (used for) operating activities: Net income Adjustments to reconcile net income to net cash flow from operating activities: Depreciation Gain on sale of investments Changes in current operating assets and liabilities: Decrease in accounts receivable Decrease in accounts payable Decrease in inventories Decrease in accrued expenses payable $ Net cash flow from operating activities Cash flows from (used for) investing activities: Cash received from loss on sale of investments Cash paid for purchase of land Cash paid for purchase of equipment Net cash flow used for investing activities Cash flows from used for financing activities. Cash flows from (used for) financing activities: Cash received from sale of common stock Cash paid for dividends Net cash flow from financing activities Cash received from net income Cash balance, January 1, 2019 Cash balance, December 31, 2019