The board of directors declared cash dividends totaling $1,100,000 during the current year. The comparative balance sheet indicates dividends payable of $290,000 at the beginning of the year and $100,000 at the end of the year. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answer in the question below.Type or paste question here

The comparative balance sheet of Merrick Equipment Co. for December 31, 20Y9 and 20Y8, is as follows:

		Dec. 31, 20Y9		Dec. 31, 20Y8
Assets
Cash		$231,660		$215,000
Accounts receivable (net)		83,920		77,220
Inventories		236,890		228,620
Investments		0		88,570
Land		121,510		0
Equipment		261,380		202,130
Accumulated depreciationequipment		(61,190)		(54,510)
Total assets		$874,170		$757,030
Liabilities and Stockholders' Equity
Accounts payable (merchandise creditors)		$158,220		$149,130
Accrued expenses payable (operating expenses)		15,740		19,680
Dividends payable		8,740		6,810
Common stock, $10 par		47,210		37,090
Paid-in capital in excess of parcommon stock		177,460		102,960
Retained earnings		466,800		441,360
Total liabilities and stockholders equity		$874,170		$757,030

Additional data obtained from an examination of the accounts in the ledger for 20Y9 are as follows:

1. Equipment and land were acquired for cash.
2. There were no disposals of equipment during the year.
3. The investments were sold for $103,630 cash.
4. The common stock was issued for cash.
5. There was a $61,020 credit to Retained Earnings for net income.
6. There was a $35,580 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.