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, 2019 Dec. 31, 2018 Assets Cash $267,280 $251,220 Accounts receivable (net) 96,830 90,230 Inventories 273,330 267,130 103,490 Investments 0 Land 140,200 301,580 Equipment 236,180 Accumulated depreciation-equipment (70,600) (63,690) Total assets $1,008,620 $884,560 Liabilities and Stockholders' Equity $182,560 $174,260 18,160 23,000 10,090 7,960 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 54,470 43,340 204,750 120,300 538,590 515,700 $1,008,620 $884,560 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. Equipment and land were acquired for cash b. There were no disposals of equipment during the year c. The investments were sold for $121,080 cash d. The common stock was issued for cash. There was a $64,450 credit to Ratained Earnings for net income There was a $41,570 debit to Betained Earnings for cash dividends dedand. Required: Prepare a statement of cash flows, using the Indirect method of presenting cash fows from operating activities. Use the minus sign to indicate cash outflows, cath 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) coating activities: Adjustments to reconcile ne incontou castow from eating actives Change in current operating at the 1 et cash flow from operating activities Cash flows from used for) Westing activities et cash flow 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