Statement of Cash Flows-Indirect Method The comparative balance sheet of Merrick Equipment Co. for December 31, 20Y9 and 20Y8, is as follows: Dec. 31, Dec. 31, 20Y9 20Y8 3 Assets Cash $262,570 $243,410 Accounts receivable (net) 95,120 87,420 Inventories 268,510 258,820 Investments 100,280 Land 137,720 0 Equipment 296,260 228,840 Accumulated depreciation-equipment (69,360) (61,710) Total assets $990,820 $857,060 Liabilities and Stockholders' Equity Accounts payable $179,340 $168,840 Accrued expenses payable 17,830 22,280 Dividends payable 9,910 7,710 Common stock, $10 par 53,500 42,000 Paid-in capital: Excess of issue price over par-common stock 201,140 116,560 al 18-3 Exerelsss and Problem eBook Show Me How Calculator Print hem Retained earmings 529.100 499,670 Total Babilities and stockholders' equity $990,820 $857,060 Additional data obtained from an examination of the accounts in the ledger for 20Y9 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 $90.250 cash. d. The common stock was issued for cash e. There was a $69,710 credit to Retained Earnings for net income. f. There was a $40,280 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 negativer adjustments. Merrick Equipment Co. Statement of Cash Flows For the Year Ended December 31, 20Y9 Cash flows from operating activities: Net income 69,710 Adjustments to reconcile net income to net cash flow from operating activities: Cash paid for land Changes in current operating assets and liabilities: Increase in accounts receivable 7,700 Increase in inventories .9,690 Increase in accounts payable 10,500 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: Cash at the beginning of the year Cash at the end of the year