Assignment #10 Saved Help Comparative balance sheets for 2018 and 2017 and a statement of income for 2018 are given below for Metagrobolize Industries Additional information from the accounting records of Metagrobolize also is provided. METAGROBOLIZE INDUSTRIES Comparative Balance Sheets December 31, 2018 and 2017 ($ in 2005) 2018 2017 $ Assets Cash Accounts receivable Inventory Land Building Less: Accumulated depreciation Equipment Less: Accumulated depreciation Patent $ 405 350 500 500 9ee (280) 2,500 (325) 1,000 $ 5,630 245 190 275 450 900 (180) 2,150 1.150 $ 4,880 S S 600 150 130 408 130 Liabilities Accounts payable Accrued expenses payable Lease liability-land Shareholders' Equity Common stock Paid in capital-excess of par Retained earnings 3,000 700 3.100 750 see $ 5,632 650 5 4,880 HETAGROBOLIZE INDUSTRIES Assignment #10 Saved Help Sa METAGROBOLIZE INDUSTRIES Income Statement For the Year Ended December 31, 2018 ($ in bees) Revenues Sales revenue $2,555 Gain on sale of land 30 $2,585 Expenses Cost of goods sold 800 Depreciation expense-building Depreciation expense-equipment Loss on sale of equipment Amortization of patent Operating expenses 1,740 Net income Additional information from the accounting records a. Annual payments of $20,000 on the finance lease liability are paid each January 1, beginning in 2018! b. During 2018, equipment with a cost of $150.000 (90% depreciated) was sold, C. The statement of shareholders' equity reveals reductions of $150,000 and $445,000 for stock dividends and cash dividends. respectively Required: Prepare the statement of cash flows of Metagrobolize for the year ended December 31, 2018. Present cash flows from operating activities by the direct method. (Enter your answers in thousands (i.e., 5.000 should be entered as 5). Amounts to be deducted should be indicated with a minus sign.) ME TAGROROLE INDUSTRIES should be indicated with a minus sign.) METAGROBOLIZE INDUSTRIES Statement of Cash Flows For year ended December 31, 2018 ($ in 000s) Cash inflows: Cash outflows: