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		$251,070		$232,750
Accounts receivable (net)		90,950		83,590
Inventories		256,760		247,500
Investments		0		95,890
Land		131,690		0
Equipment		283,280		218,810
Accumulated depreciationequipment		(66,320)		(59,010)
	Total assets	$947,430		$819,530
Liabilities and Stockholders' Equity
Accounts payable		$171,480		$161,450
Accrued expenses payable		17,050		21,310
Dividends payable		9,470		7,380
Common stock, $10 par		51,160		40,160
Paid-in capital: Excess of issue price over par-common stock		192,330		111,460
Retained earnings		505,940		477,770
	Total liabilities and stockholders equity	$947,430		$819,530

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 $86,300 cash.

The common stock was issued for cash.

There was a $66,690 credit to Retained Earnings for net income.

There was a $38,520 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 out flows, cash payments, decreases in cash, or any negative adjustments.

Merrick Equipment Co.

Statement of Cash Flows

For the Year Ended December 31, 20Y9