The comparative balance sheet of Merrick Equipment Co. for December 31, 2049 and 2088, is as follows: Dec. 31, Dec. 31, 2019 20Y8 Assets Cash $271,180 $255,170 Accounts receivable (net) 98,240 91,640 Inventories 277,310 271,340 Investments 0 105,120 Land 142,240 0 Equipment 305,970 239,890 Accumulated depreciation-equipment (71,630) (64,690) Total assets $1,023,310 $898,470 Liabilities and Stockholders' Equity Accounts payable $185,220 $177,000 Accrued expenses payable 18,420 23,360 Dividends payable 10,230 8,090 Common stock, $10 par 55,260 44,030 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 $94,610 cash. d. The common stock was issued for cash. e. There was a $64,880 credit to Retained Earnings for net income. f. There was a $42, 230 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 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 (used for) operating activities: Net income Adjustments to reconcile net income to net cash flows from (used for) operating activities: Depreciation 6,940 Loss on sale of investments Changes in current operating assets and liabilities: Increase in accounts receivable -6,600 Increase in inventories -5,970 Increase in accounts payable 8,220 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 9 Cash paid for purchase of equipment Net cash flows used for investing activities Cash flows from (used for) financing activities: Cash received from issuing common stock Cash dividends Net cash flows from financing activities Net increase in cash Cash balance, January 1, 2019 dai Cash balance, December 31, 2019