The comparative balance sheet of Merrick Equipment Co. for Dec. 31, 20Y9 and 20Y8, is:

The income statement for the year ended December 31, 20Y9, is as follows:

      Additional data obtained from an examination of the accounts in the ledger for 20Y9 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 $91,800 cash.
D.   The common stock was issued for cash.
E.    There was a $102,000 debit to Retained Earnings for cash dividends declared.
Instructions
Prepare a statement of cash flows, using the direct method of presenting cash flows from
operating activities.