Statement of cash flowsindirect methodThe comparative balance sheet of Merrick Equipment Co$.$ for December $31,20$Y$9$ and $20$Y$8,$ is as follows:Line Item DescriptionDecember $31,20$Y$9$December $31,20$Y$8$Assets Cash$$70,720$$$47,940$Accounts receivable $($net$)207,230188,190$Inventories$298,520289,850$Investments$0102,000$Land$295,8000$Equipment$438,600358,020$Accumulated depreciationequipment$(99,110)(84,320)$Total assets$$1,211,760$$$901,680$Liabilities and Stockholders' Equity Accounts payable $($merchandise creditors$)$$$205,700$$$194,140$Accrued expenses payable $($operating expenses$)30,60026,860$Dividends payable$25,50020,400$Common stock, $$1$ par$202,000102,000$Paid$-$in capital in excess of parcommon stock$354,000204,000$Retained earnings$393,960354,280$Total liabilities and stockholders' equity$$1,211,760$$$901,680$Additional data obtained from an examination of the accounts in the ledger for $20$Y$9$ are as follows:Equipment and land were acquired for cash.There were no disposals of equipment during the year.The investments were sold for $$91,800$ cash.The common stock was issued for cash.There was a $$141,680$ credit to Retained Earnings for net income.There was a $$102,000$ debit to Retained Earnings for cash dividends declared.Required:Prepare a statement of cash flows, using the indirect method of presenting cash flows from $($used for$)$ operating activities. Use the minus sign to indicate cash outflows, cash payments, decreases in cash, or any negative adjustments.Line Item DescriptionAmountAmountCash flows from $($used for$)$ operating activities:Cash paid for dividendsCash received from sale of common stockCash received from sale of investmentsLoss on sale of investmentsNet income$$-$ Select $-$Adjustments to reconcile net income to net cash flows from $($used for$)$ operating activities:Accumulated depreciationCash paid for dividendsCash received from sale of common stockDepreciationRetained earnings$-$ Select $-$Cash paid for dividendsCash received from net incomeGain on sale of investmentsLoss on sale of investmentsRetained earnings$-$ Select $-$Changes in current operating assets and liabilities:Decrease in accounts receivableDecrease in accounts payableDecrease in inventoriesIncrease in accounts receivableLoss on sale of investments$-$ Select $-$Decrease in accounts payableDecrease in accounts receivableDecrease in inventoriesIncrease in accrued expensesIncrease in inventories$-$ Select $-$Decrease in accounts payableDecrease in accounts receivableDecrease in inventoriesIncrease in accounts payableLoss on sale of investments$-$ Select $-$Decrease in accounts payableDecrease in accrued expenses payableDecrease in dividends payableIncrease in accrued expenses payableIncrease in land$-$ Select $-$Net cash flows from financing activitiesNet cash flows from investing activitiesNet cash flows from operating activitiesNet cash flows used for investing activitiesNet cash flows used for operating activities$$-$ Select $-$Cash flows from $($used for$)$ investing activities:Cash received from gain on sale of investmentsCash received from loss on sale of investmentsCash received from retained earningsCash received from sale of common stockCash received from sale of investments$$-$ Select $-$Cash paid for accounts payableCash paid for accumulated depreciationCash paid for depreciationCash paid for dividendsCash paid for purchase of land$-$ Select $-$blankCash paid for accounts receivableCash paid for accumulated depreciationCash paid for inventoriesCash paid for purchase of equipmentCash paid for retained earnings$-$ Select $-$Net cash flows from financing activitiesNet cash flows from investing activitiesNet cash flows from operating activitiesNet cash flows used for investing activitiesNet cash flows used for operating activities$-$ Select $-$Cash flows from $($used for$)$ financing activities:Cash received from net incomeCash received from retained earningsCash received from sale of common stockCash received from sale of inventoriesCash received from sale of investments$$-$ Select $-$Cash paid for dividendsCash paid for purchase of equipmentCash paid for purchase of investmentsCash paid for purchase of landCash paid for retained earnings$-$ Select $-$Net cash flows from financing activitiesNet cash flows from investing activitiesNet cash flows from operating activitiesNet cash flows used for financing activitiesNet cash flows used for investing activities$-$ Select $-$Cash paid for dividendsCash received from sale of common stockNet decrease in cashNet increase in cashRetained earnings$$-$ Select $-$Cash balance, January $1,20$Y$9$Cash balance, January $1,20$Y$9$Cash balance, December $31,20$Y$9$$Cash balance, December $31,20$Y$9$