The comparative balance sheet of Merrick Equipment Co. for December 31, 2019 and 2088, is as follows: Dec. 31, Dec. 31, 2019 2018 Assets Cash $317,330 Accounts receivable (net) 114,960 324,520 $293,490 105,410 312,100 120,910 Inventories Investments Land 166,450 0 Equipment Accumulated depreciation-equipment 358,050 (83,820) $1,197,490 275,930 (74,410) $1,033,430 Total assets $203,590 26,870 Liabilities and Stockholders' Equity Accounts payable Accrued expenses payable Dividends payable Common stock, $10 par Paid-in capital: Excess of issue price over par-common stock 9,300 $216,750 21,550 11,970 64,660 243,090 639,470 $1,197,490 50,640 140,550 602,480 Retained earnings Total liabilities and stockholders' equity $1,033,430 Additional data obtained from an examination of the accounts in the ledger for 2049 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 $108,820 cash. d. The common stock was issued for cash. e. There was a $85,560 credit to Retained Earnings for net income. f. There was a $48,570 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. Merrick Equipment Co. Statement of Cash Flows For the Year Ended December 31, 2019 Cash flows from operating activities: Adjustments to reconcile net income to net cash flow from operating activities Changes in current operating assets and liabilities: Q II 1.1 QUO II Net cash flow from operating activities Cash flows from (used for) investing activities: Net cash flow used for investing activities Cash flows from (used for) financing activities: Net cash flow from financing activities Cash at the beginning of the year Cash at the end of the year