6 Part 1 of 2 Required Information Problem 21-8 (Algo) Cash flows from operating activities (direct method and indirect method)-deferred income tax liability and amortization of bond discount [LO21-3, 21-4) [The following information applies to the questions displayed below) Portions of the financial statements for Parell Company are provided below. PARNELL COMPANY 16 Dons Book Ptr $731 Incone Statenent For the Year Ended December 31, 2021 (5 in thousands) Revenues and gains: Sales 5720 Gain on sale of building 11 Expenses and loss: Cost of goods sold $ 260 Salaries 112 Insurance 32 Depreciation 115 Interest expense 42 Loss on sale of equipment 10 Incone before tax Income tax expense Net Income References 571 160 80 $ PAINELL COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2021 and 2020 it is thousands) Year Cash 2021 Accounts receivable 5 126 $ 105 wentory 316 224 Dread insurance 129 412 Accounts payable 69 Salaris payable 202 123 Deferred tality 110 201 Bond discount 76 ce 900 200 2870 Change $ 10 92 (18) (11) 27 17 16 (20) Problem 21-8 (Algo) Part 1 Required: 1. Prepare the cash flows from operating activities section of the statement of cash flows for Parnell Company using the direct method (Enter your answers in thousands (.e., 10.000 should be entered as 10). Amounts to be deducted should be indicated with a minus sign.) Cash Flows from Operating Activities Netcash flows from operating activities