4 Paddleboard Inc. began operations on January 1, 2019. Its post-closing trial balance at December 31, 2019 and 2020, is shown below along with some other information. Paddleboard Inc. Income Statement For Year Ended December 31, 2020 References Revenues: Sales (000s) Cost of goods sold Gross Profit Expenses: Other expenses Depreciation expense Total operating expenses Profit from operations Income tax expense Profit $3,854 1,806 2,048 $ 700 80 780 1,268 608 $ 660 Paddleboard Inc. Post-Closing Trial Balance (000s) December 31 Account Cash 2020 2019 $2,480 $1,800 Receivables 2,760 2,040 Merchandise inventory 2,520 3,000 Property, plant and equipment 3,000 2,680 Accumulated depreciation 1,880 1,800 Investments 2,040 2,200 Accounts payable 1,880 1,400 Accrued liabilities 320 480 Bonds payable 1,840 2,360 Common shares 3,000 2,430 Retained earnings 3,880 3,250 Other information regarding Paddleboard Inc. and its activities during 2020: 1. Assume all accounts have normal balances. 2. Cash dividends were declared and paid during the year. 3. There were no sales of property, plant, and equipment assets during the year. 4. Investments were sold for cash at their original cost. Required: Using the information provided, prepare a statement of cash flows (applying the indirect method) for the year ended December 31, 2020. (List any deduction in cash and cash outflows as negative amounts. Enter amounts in thousands, not in dollar.) PADDLEBOARD INC. Statement of Cash Flows For Year Ended December 31, 2020 (000s) Cash flows from operating activities: Profit Adjustments to reconcile net income to net cash inflows from operating activities: Cash flows from investing activities: Cash flows from financing activities: $ 0 0 0 $ 0