3 Problem 4-11 (Algo) Statement of cash flows; indirect method [LO4-8] Presented below are the 2024 Income statement and comparative balance sheets for Santana Industries. SANTANA INDUSTRIES Income Statement For the Year Ended December 31, 2024 Book Sales revenue Service revenue Total revenue Operating expenses: ($ in thousands) Print Cost of goods sold Selling expense General and administrative expense Total operating expenses Operating income Interest expense Income before income taxes Income tax expense Net income $ 16,050 5,200 $ 21,250 8,100 3,300 2,400 13,800 7,450 240 7,210 2,500 $ 4,710 Balance Sheet Information ($ in thousands) Assets: Cash Accounts receivable Inventory Prepaid rent December 31, December 31, 2024 $ 19,200 4,300 5,800 2023 $ 3,010 3,100 3,900 480 Equipment Less: Accumulated depreciation Total assets Liabilities and Shareholders' Equity: Accounts payable 240 16,300 (6,000) $29,1840 13,800 (5,400) $ 18,890 Interest payable Deferred revenue Income taxes payable Notes payable (due 12/31/2026) Common stock Retained earnings Total liabilities and shareholders' equity Additional Information for the 2024 fiscal year ($ in thousands); 1. Cash dividends of $1,900 were declared and paid. 2. Equipment costing $5,800 was purchased with cash. $ 3,200 $ 2,000 190 e 980 690 640 980 6,800 10,900 7,130 10,900 4,320 $ 29,840 $ 18,890 3. Equipment with a book value of $1,400 (cost of $3,300 less accumulated depreciation of $1,900) was sold for $1.400. 4. Depreciation of $2,500 is Included in operating expenses. Required: Prepare Santana Industries' 2024 statement of cash flows using the indirect method