15 points Presented below are the 2021 income statement and comparative balance sheets for Santana Industries Sales revenue SANTANA INDUSTRIES Income Statement For the Year Ended December 31, 2021 Total revenue Service revenue Operating expenses: Cost of goods sold Selling expense ( in thousands) General and administrative expense Total operating expenses Pent Operating income Interest expense Income before income taxes Decome tax expense Net Income $16,450 5,000 $22,050 8,300 3,500 2,600 14,400 7,650 26 2,700 $4,690 Dec. 31, Dec. 112 2021 2020 Inventory Assetas Cash Accounts receivable Prepaid rent $9,400 4,700 6,200 260 $3,190 3,300 4,100 520 Equipment 16,700 14,200 Less: Accumulated depreciation (6,200) (5,600) Total assets $31,000 $19,710 Liabilities and Shareholders' Equity Mc Liabilities and Shareholders' Equity: Accounts payable Interest payable. Deferred revenue Income taxes payable Notes payable (due 32/31/2023) Common stock Retained earnings Total liabilities and shareholders' equity Additional information for the 2021 fiscal year ($ in thousands): 1. Cash dividends of $2,100 were declared and paid. 2. Equipment costing $6,200 was purchased with cash. $3,000 $2,200 2101 1,020 660 7,200 710 1,0201 11,100 11,100 7,270 $31,060 4,680 $19,710 3. Equipment with a book value of $1,600 (cost of $3,700 less accumulated depreciation of $2,100) was sold for $1,600. 4. Depreciation of $2,700 is included in operating expenses. Required: Prepare Santana Industries' 2021 statement of cash flows, using the indirect method to present cash flows from operating activities. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands.) SANTANA INDUSTRIES Statement of Cash Flows For the Year Ended December 31, 2021 ($ in thousands) 15 7 points Presented below are the 2021 income statement and comparative balance sheets for Santana Industries SANTANA INDUSTRIES Income Statement For the Year Ended December 31, 2021 (5 in thousands) Sopped Sales revenue $ 16,450 Service revenue 5,600 Total revenue $22,050 Operating expenses Book Cost of goods sold 8,300 Selling expense 3,500 P References Income before income taxes Income tax expense Net income General and administrative expense 2,600 Total operating expenses 14,400 Operating income 7,650 Interest expense 260 7,90 2,700 $4,690 Balance Sheet Information ($ in thousands) Dec. 31, 2021 Assets: Cash Accounts receivable $9,400 Dec. 31, 2020 $ 3,190 4,700 3,300 Inventory 6,200 4,100 Prepaid rent 260 520 Equipment 16,700 14,200 Less: Accumulated depreciation Total assets Liabilities and Shareholders' Equity: (6,200) (5,600) $31,060 $19,710 Accounts payable $ 3,600 $ 2,200 Interest payable Deferred revenue Income taxes payable 210 1,020 660 0 710 1,020 Notes payable (due 12/31/2023) 7,200 Common stock 11,100 11,100 Retained earnings 7,270 4,680 Total liabilities and shareholders' equity $31,060 $19,710 Additional information for the 2021 fiscal year ($ in thousands): 1. Cash dividends of $2,100 were declared and paid. 2. Equipment costing $6,200 was purchased with cash. 3. Equipment with a book value of $1,600 (cost of $3,700 less accumulated depreciation of $2,100) was sold for $1,600. 4. Depreciation of $2.700 is included in operating expenses. Required: Prepare Santana Industries' 2021 statement of cash flows, using the Indirect method to present cash flows from operating activities. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands.) SANTANA INDUSTRIES Statement of Cash Flows For the Year Ended December 31, 2021 Cash flows from operating activibes (5 in thousands) Adjustments for noncash effects Changes in operating assets and liabilities