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 $312,190 $289,410

Accounts receivable (net) 113,100 103,940

Inventories 319,260 307,750

Investments 0 119,230

Land 163,750 0

Equipment 352,250 272,080

Accumulated depreciationequipment (82,470) (73,370)

Total assets $1,178,080 $1,019,040

Liabilities and Stockholders' Equity

Accounts payable $213,230 $200,750

Accrued expenses payable 21,210 26,500

Dividends payable 11,780 9,170

Common stock, $10 par 63,620 49,930

Paid-in capital: Excess of issue price over par-common stock 239,150 138,590

Retained earnings 629,090 594,100

Total liabilities and stockholders equity $1,178,080 $1,019,040

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

Equipment and land were acquired for cash.

There were no disposals of equipment during the year.

The investments were sold for $107,310 cash.

The common stock was issued for cash.

There was a $82,880 credit to Retained Earnings for net income.

There was a $47,890 debit to Retained Earnings for cash dividends declared.

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.