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In: AccountingThe comparative balance sheet of Merrick Equipment Co. forDecember 31, 20Y9 and 20Y8, is as...The comparative balance sheet of Merrick Equipment Co. forDecember 31, 20Y9 and 20Y8, is as follows:Dec. 31, 20Y9Dec. 31, 20Y8AssetsCash$267,060$250,430Accounts receivable (net)96,75089,940Inventories273,100266,320Investments0103,170Land140,0800Equipment301,330235,440Accumulated depreciation—equipment(70,540)(63,490)Total assets$1,007,780$881,810Liabilities and Stockholders'EquityAccounts payable$182,410$173,720Accrued expenses payable18,14022,930Dividends payable10,0807,940Common stock, $10 par54,42043,210Paid-in capital: Excess of issue price overpar-common stock204,580119,930Retained earnings538,150514,080Total liabilities and stockholders’ equity$1,007,780$881,810Additional data obtained from an examination of the accounts inthe ledger for 20Y9 are as follows:Equipment and land were acquired for cash.There were no disposals of equipment during the year.The investments were sold for $92,850 cash.The common stock was issued for cash.There was a $65,520 credit to Retained Earnings for netincome.There was a $41,450 debit to Retained Earnings for cashdividends declared.Required:Prepare a statement of cash flows, using the indirect method ofpresenting cash flows from operating activities. Use the minus signto indicate cash outflows, cash payments, decreases in cash, or anynegative adjustments.Merrick Equipment Co.Statement of Cash FlowsFor the Year Ended December 31, 20Y9Cash flows from operating activities:$Adjustments to reconcile net income to net cash flow fromoperating activities:Changes in current operating assets and liabilities:Net cash flow from operating activities$Cash flows from (used for) investing activities:$Net cash flow used for investing activitiesCash flows from (used for) financing activities:Net cash flow from financing activities$Cash at the beginning of the yearCash at the end of the year$