Statement of Cash Flows-Indirect Method The comparative balance sheet of Merrick Equipment Co. for December 31, 2019 and 20Y8, is as follows: Dec. 31, Dec. 31, 20Y8 20Y9 Assets Cashi $301,920 Accounts receivable (net) 109,370 Inventories 308,750 Investments 0 Land 158,370 Equipment 340,660 Accumulated depreciation-equipment (79,750) Total assets $1,139,320 Accounts payable (merchandise creditors) $206,220 Accrued expenses payable (operating expenses) 20,510 Dividends payable 11,390 Common stock, $10 par 61,520 Paid-in capital in excess of par-common stock 231,280 Retained earnings 608,400 Total liabilities and stockholders' equity $1,139,320 Liabilities and Stockholders' Equity $280,530 100,750 298,320 115,570 0 263,740 (71,120) $987,790 $194,590 25,680 8,890 48,400 134,340 575,890 $987,790 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 equipment during the year. c. The investments were sold for $135,220 cash. d. The common stock was issued for cash. e. There was a $78,940 credit to Retained Earnings for net income. f. There was a $46,430 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 adjustments. Merrick Equipment Co. Statement of Cash Flows For the Year Ended December 31, 20Y9 Cash flows from (used for) operating activities: Adjustments to reconcile net income to net cash flow from operating activities: Changes current operating assets and liabilities: Net cash flow from operating activities 0000000 cash, or any negative 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 Cash balance, January 1, 20Y9 Cash balance, December 31, 20Y9 Check My Work Assignment Score: 0.0% > E Email Instructor Save and Exit Next Submit Assignment for Grading