PR 13-1B Statement of cash flows-indirect method Obj. 2, 3, 4,5 The comparative balance sheet of Merrick Equipment Co. for December 31, 2019 and 2088, is as follows: Dec 31, 2019 Dec. 31, 2048 Assets Cash $ 70,720 $ 47,940 Accounts receivable (net) 207,230 188,190 Inventories 298,520 289,850 Investments 0 102,000 Land ... 295,800 0 Equipment. 438,600 358,020 Accumulated depreciation-equipment (99,110) (84,320) Total assets.. $1,211,760 $901,680 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) $ 205,700 $194,140 Accrued expenses payable (operating expenses) 30,600 26,860 Dividends payable..... 25,500 20,400 Common stock, $1 par... 202,000 102,000 Paid-in capital: Excess of issue price over par--common stock 354,000 204,000 Retained earnings..... 393,960 354,280 Total liabilities and stockholders' equity.. $1,211,760 $901,680 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 $91,800 cash. D. The common stock was issued for cash E. There was a $141,680 credit to Retained Earnings for net income. F. There was a $102,000 debit to Retained Earnings for cash dividends declared. Instructions Prepare a statement of cash flows, using the indirect method of presenting cash flows from operating activities