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, 2019 Dec. 31, 20Y8 Assets Cash $241,420 $222,760 Accounts receivable (net) 87,460 80,010 Inventories 246,870 236,870 Investments 0 91,770 Land 126,630 0 Equipment 272,390 209,430 Accumulated depreciation-equipment (63,770) (56,470) Total assets $911,000 $784,370 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $164,890 $154,520 Accrued expenses payable (operating expenses) 16,400 20,390 7,060 Dividends payable 9,110 Common stock, $10 par 49,190 38,430 Paid-in capital in excess of par-common stock 184,930 106,670 Retained earnings 486,480 457,300 Total liabilities and stockholders' equity $911,000 $784,370 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 $107,370 cash. d. The common stock was issued for cash. e. There was a $66,050 credit to Retained Earnings for net income. f. There was a $36,870 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 in cash, or any negative adjustments. Merrick Equipment Co. Statement of Cash Flows For the Year Ended December 31, 2049 Cash flows from (used for) operating activities: Adjustments to reconcile net income to net cash flow from operating activities: Changes in current operating assets and liabilities: I ll lll. 100 DO I Net cash flow from operating activities 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, 2019 00 Cash balance, December 31, 2049