Comparative balance sheets for 2021 and 2020 and a statement of income for 2021 are given below for Metagrobolize Industries. Additional information from the accounting records of Metagrobolize also is provided.

Additional information from the accounting records:a. Annual payments of $20,000 on the finance lease liability are paid each January 1, beginning in 2021.b. During 2021, equipment with a cost of $300,000 (90% depreciated) was sold.c. The statement of shareholders? equity reveals reductions of $225,000 and $450,000 for stock dividends and cash dividends, respectively.

Required:Prepare the statement of cash flows of Metagrobolize for the year ended December 31, 2021. Present cash flows from operating activities by the direct method. (You may omit the schedule to reconcile net income to cash flows from operating activities.)

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METAGROBOLIZE INDUSTRIES Comparative Balance Sheets December 31, 2021 and 2020 ($ in thousands) 2021 2020 Assets $ 580 600 $ 375 Cash Accounts receivable 450 525 Inventory 900 Land 675 600 Building Less: Accumulated depreciation Equipment Less: Accumulated depreciation Patent 900 900 (300) 2,850 (525) 1,200 (270) 2,250 (480) 1,500 $6,880 $5,850 Liabilities $ 750 $ 450 Accounts payable Accrued liabilities Lease liability-land Shareholders' Equity 300 225 130 3,000 Common stock 3,150 Paid-in capital-excess of par Retained earnings 750 1,800 675 1,500 $6,880 $5,850 METAGROBOLIZE INDUSTRIES Income Statement For the Year Ended December 31, 2021 ($ in thousands) Revenues Sales revenue $2,645 Gain on sale of land 90 $2,735 Expenses Cost of goods sold Depreciation expense-building Depreciation expense-equipment Loss on sale of equipment Amortization of patent Operating expenses 600 30 315 15 300 500 1,760 $ 975 Net income