$ 811 Income Statement For the Year Ended December 31, 2021 ($ in thousands) Revenues and gains: Sales $ 800 Gain on sale of building 11 Expenses and loss: Cost of goods sold $ 300 Salaries 120 Insurance 40 Depreciation 123 Interest expense 50 Loss on sale of equipment 12 Income before tax 645 166 Income tax expense 78 Net income $ 88 Book Selected Accounts from Comparative Balance Sheets December 31, 2021 and 2020 ($ in thousands) Year 2021 2020 Change Cash $ 134 $ 100 $34 Accounts receivable 324 216 108 Inventory 321 425 (104) Prepaid insurance 66 88 (22) Accounts payable 210 117 93 Salaries payable 102 93 9 Deferred tax liability 60 52 8 Bond discount 190 200 (10) erences Required: 1. Prepare the cash flows from operating activities section of the statement of cash flows for Parnell Company using the direct method. (Enter your answers in thousands (i.e., 10,000 should be entered as 10). Amounts to be deducted should be indicated with a minus sign.) Income Statement For the Year Ended December 31, 2021 ($ in thousands) Revenues and gains: Sales $ 800 Gain on sale of building 11 $ 811 Expenses and loss: Cost of goods sold $ 300 Salaries 120 Insurance 40 Depreciation 123 Interest expense 50 Loss on sale of equipment 12 645 Income before tax 166 Income tax expense 78 Net income $ 88 Selected Accounts from Comparative Balance Sheets December 31, 2021 and 2020 ($ in thousands) Year 2021 2020 Change Cash $ 134 $ 100 $34 Accounts receivable 324 216 108 Inventory 321 425 (104) Prepaid insurance 66 88 (22) Accounts payable 210 117 93 Salaries payable 102 93 9 Deferred tax liability 60 52 8 Bond discount 190 200 (10) Required: 2. Prepare the cash flows from operating activities section of the statement of cash flows for Parnell Company using the indirect 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.)