$ 740 Income Statement For the Year Ended December 31, 2021 ($ in thousands) Revenues and gains: Sales $ 730 Gain on sale of building 19 Expenses and loss: Cost of goods sold $ 265 Salaries 113 Insurance 33 Depreciation 116 Interest expense 43 Loss on sale of equipment 12 Income before tax Income tax expense Net income 24 582 158 79 $ 79 $ PARNELL COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2021 and 2020 ($ in thousands) Year 2021 2e2e Cash $ 127 $ 107 Accounts receivable 317 223 Inventory 328 418 Prepaid insurance 68 81 Accounts payable 203 124 Salaries payable 116 100 Deferred tax liability 74 59 Bond discount 176 Change $ 2e 94 (90) (13) 79 16 15 (31) co 2e7 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 (1.e., 10,000 should be entered as 10). Amounts to be deducted should be indicated with a minus sign.) Answer is complete but not entirely correct. Is 638 O (96) 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 (97) (20) *OOOO (43) X (64)