$ 731 PARNELL COMPANY Income Statement For the Year Ended December 31, 2021 ($ in thousands) Revenues and gains: Sales $ 720 Gain on sale of building _11 Expenses and loss: Cost of goods sold $ 260 Salaries 112 Insurance 32 Depreciation 115 Interest expense Loss on sale of equipment Income before tax Income tax expense Net income 571 160 80 $ 80 PARNELL COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2021 and 2020 ($ in thousands) Year 2021 2020 Cash $ 126 $ 108 Accounts receivable 316 224 Inventory 329 417 Prepaid insurance 69 80 Accounts payable 202 125 Salaries payable 118 101 Deferred tax liability 60 Bond discount 180 208 Change $ 18 92 (88) (11) 77 17 76 16 (28) 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 (i.e., 10,000 should be entered as 10). Amounts to be deducted should be indicated with a minus sign.) Cash Flows from Operating Activities: Cash received from customers Cash paid to suppliers Cash paid to employees Cash paid for insurance Cash paid for interest Cash paid for income taxes Net cash flows from operating activities