5 15 points 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. METAGROBOLIZE INDUSTRIES Comparative Balance Sheets December 31, 2021 and 2828 ($ in thousands) 2021 2020 Assets Cash Accounts receivable Inventory Land Building Less: Accumulated depreciation Equipment Less: Accumulated depreciation Patent $ 550 690 840 650 900 (300) 3,350 (502) 1,700 $ 7,878 $ 340 360 435 600 900 (265) 3,170 (460) 1,950 $ 7,030 $ $ 940 320 130 790 255 0 Liabilities Accounts payable Accrued liabilities Lease liability-land Shareholders' Equity Common stock Paid-in capital-excess of par Retained earnings 3,660 800 2,628 $ 7,878 3,500 725 1,760 $ 7,830 METAGROBOLIZE INDUSTRIES Income Statement For the Year Ended December 31, 2021 ($ in thousands) Revenues Sales revenue $3,224 Gain on sale of land 75 $3,299 Expenses cost of goods sold $1,140 Depreciation expense-building 35 Depreciation expense-equipment 636 Loss on sale of equipment 25 Amortization of patent 250 Operating expenses 350 2,436 Net income $ 863 Additional Information from the accounting records: a. Annual payments of $20,000 on the finance lease llability are paid each January 1, beginning in 2021. b. During 2021, equipment with a cost of $660,000 (90% depreciated) was sold. c. The statement of shareholders' equity reveals reductions of $235,000 and $360,000 for stock dividends and cash dividends, respectively Required: Prepare the statement of cash flows of Metagrobolize for the year ended December 31, 2021. Present cash flows from operating activities by the direct method. (Enter your answers in thousands (I.e., 10,000 should be entered as 10). Amounts to be deducted should be indicated with a minus slgn.) Answer is not complete. METAGROBOLIZE INDUSTRIES Statement of Cash Flows For the year ended December 31, 2021 ($ in thousands) Cash flows from operating activities: Cash inflows: From customers Cash outflows: To suppliers of goods For operating expenses IS 0 Net cash flows from operating activities Cash flows from investing activities: Sale of land Purchase of equipment Sale of equipment 0 Net cash flows from investing activities Cash flows from financing activities: From dividends received Payment of stock dividends XX 0 0 Net cash flows from financing activities Net increase (decrease) in cash Cash balance, January 1 Cash balance, December 31 Noncash investing and financing activities: 0