1. Prepare a statement of cash flows for 20X4 in the format that best shows the relationship between net income and net cash flows from operating activities. The company sold no plant assets or long-term investments and issued no notes payable during 20X4. There were no non-cash investing and financing transactions during the year. Show all amounts in thousands. 2. Considering net income and the company's cash flows during 20X4, was it a good year or a bad year? Give your reasons. GOLF AMERICA, INC. Comparative Income Statement Year Ended December 31, 20X4 (in thousands) 20 20X4 5444 221 223 $310 162 14 4 46 94 Net Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses Salaries Expense Depreciation Expense Total Operating Expenses Operating Income Other Income and (Expenses Gain on Sale of Equipment (sales price, 533) Loss on Sale of Land (sales price, 561) Interest Expense Amortization Expense Total Other Income and (Expenses) Net Income 28 22 SO 98 129 0 0 (13) (11) (24) S105 18 (35) (20) (11 (48) S 50