The comparative balance sheet of Merrick Equipment Co. for December 31, 2019 and 20Y8, is as follows: Assets December 31, 2019 December 31, 2018 Cash Accounts receivable (net) $309,050 $287,490 111,960 103,250 Inventories Investments Land 316,050 305,700 O 118,440 162,100 0 Equipment 348,700 270,280 < Accumulated depreciation-equipment (81,640) (72,880) Total assets $1,166,220 $1,012,280 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $211,090 $199,420 Accrued expenses payable (operating expenses) 20,990 26,320 Dividends payable 11,660 9,110 Common stock, $10 par 62,980 49,600 Paid-in capital in excess of par-common stock 236,740 137,670 Datalend nominee 622760 500 160 Retained earnings Total liabilities and stockholders' equity 622,760 590,160 $1,166,220 $1,012,280 Additional data obtained from an examination of the accounts in the ledger for 2019 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 $138,570 cash. d. The common stock was issued for cash. e. There was a $80,180 credit to Retained Earnings for net income. f. There was a $47,580 debit to Retained Earnings for cash dividends declared. Required: Prepare a statement of cash flows, using the indirect method of presenting cash flows from (used for) operating activities. Use the minus sill outflows, cash payments, decreases in cash, or any negative adjustments. Merrick Equipment Co. Statement of Cash Flows For the Year Ended December 31, 2019 Line Item Description Amount Amount Cash flows from (used for) operating activities: Net income Adjustments to reconcile net income to net cash flows from (used for) operating activities: Depreciation V Gain on sale of investments Changes in current operating assets and liabilities: Increase in accounts receivable 80,180 Changes in current operating assets and liabilities: Increase in accounts receivable Increase in inventories Increase in accounts payable Decrease in accrued expenses payable Net cash flows from operating activities Cash flows from (used for) Investing activities: Cash received from sale of investments Cash paid for purchase of land Cash paid for purchase of equipment Net cash flows used for investing activities Cash flows from (used for) financing activities: Cash received from sale of common stock Cash paid for dividends Net cash flows from financing activities Net increase in cash Cash balance, January 1, 2019 Cash balance, December 31, 2019 0 0000 0