Statement of Cash Flows-Indirect Method The comparative balance sheet of Merrick Equipment Co. for December 31, 2049 and 2088, is as follows: Dec. 31, Dec. 31, 2019 2018 Assets Cash Accounts receivable (net) $241,160 87,360 246,630 Inventories $222,270 79,830 236,360 91,570 0 0 Investments Land Equipment Accumulated depreciation-equipment Total assets 126,500 272,100 (63,700) $910,050 208,960 (56,350) $782,640 Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Dividends payable Common stock, $10 par Paid-in capital: Excess of issue price over par-common stock Retained earnings $164,720 16,380 9,100 $154,180 20,350 7,040 38,350 49,140 184,740 485,970 106,440 456,280 Retained earnings 485,970 456,280 Total liabilities and stockholders' equity $910,050 $782,640 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 of equipment during the year. c. The investments were sold for $82,410 cash d. The common stock was issued for cash. e. There was a $66,470 credit to Retained Lamings for net income 1. There was a $36.780 debit to Retained Earnings for cash dividends declared. Required: Prepare statement of cash flows, using the indirect method of presenting cash flows from operating activities. Use the minus won to indicate cash outfions, cash payments, decreases in cash or any negative adjustments Merrick Equipment Co. Statement of Cash Flows For the Year Ended December 31, 2019 Cash Rows from operating activities: Adjustments to reconcle net income to net cash flow from operating active Changes in content and New we real CICEU DECENZIO Cash flows from operating activities: Adjustments to reconcile net income to net cash flow from operating activities: Changes in current operating assets and liabilities: Net cash flow from operating activities Cash flows from (used for) investing activities: 1 T m Net cash flow used for investing activities Cash flows from (used for) financing activities: Net cash flow from financing activities Cash at the beginning of the year Cash at the end of the vean