That is the serial number used by Merida, though others mey also have used it. We have to assume the decade, but it should be a 1982 frame. A Sequoia from that era should be Suntour/Sugino equipped, typically with Cyclone II derailleurs. Checking the date codes on the components is still a good exercise as a sanity check, but sometimes the dates do not match up exactly with the frame. Often they are up to a year older and sometimes they can be newer. It all depends on how good they were at rotating their stock and whether they were getting shipments on time.

The name on the chainstay may be Jim Merz, who was a designer at SBI during the 1980s. Congratulations on your acquisistion. The Sequoia was a very fine grand touring model during that era.