Statement of Cash FlowsIndirect Method

The comparative balance sheet of Merrick Equipment Co. for December 31, 20Y9 and 20Y8, is as follows:

		Dec. 31, 20Y9		Dec. 31, 20Y8
Assets
Cash		$260,450		$245,350
Accounts receivable (net)		94,350		88,120
Inventories		266,360		260,900
Investments		0		101,080
Land		136,610		0
Equipment		293,870		230,670
Accumulated depreciationequipment		(68,800)		(62,200)
	Total assets	$982,840		$863,920
Liabilities and Stockholders' Equity
Accounts payable		$177,890		$170,190
Accrued expenses payable		17,690		22,460
Dividends payable		9,830		7,780
Common stock, $10 par		53,070		42,330
Paid-in capital: Excess of issue price over par-common stock		199,520		117,490
Retained earnings		524,840		503,670
	Total liabilities and stockholders equity	$982,840		$863,920

Additional data obtained from an examination of the accounts in the ledger for 20Y9 are as follows:

1. Equipment and land were acquired for cash.
2. There were no disposals of equipment during the year.
3. The investments were sold for $90,970 cash.
4. The common stock was issued for cash.
5. There was a $61,770 credit to Retained Earnings for net income.
6. There was a $40,600 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 out flows, cash payments, decreases in cash, or any negative adjustments.