Comparative balance sheets for $2024$ and $2023$ and a statement of income for $2024$ are given below for Metagrobolize Industries. Additional information from the accounting records of Metagrobolize also is provided.

METAGROBOLIZE INDUSTRIES

Comparative Balance Sheets

December $31,2024$ and $2023$

$($$ in thousands$)$

$20242023$

Assets

Cash $ $580$ $ $375$

Accounts receivable $600450$

Inventory $900525$

Land $675600$

Building $900900$

Less: Accumulated depreciation $(300)(270)$

Equipment $2,8502,250$

Less: Accumulated depreciation $(525)(480)$

Patent $1,2001,500$

$ $6,880$ $ $5,850$

Liabilities

Accounts payable $ $750$ $ $450$

Accrued liabilities $300225$

Lease liability$$land $1300$

Shareholders' Equity

Common stock $3,1503,000$

Paid$-$in capital$$excess of par $750675$

Retained earnings $1,8001,500$

$ $6,880$ $ $5,850$

METAGROBOLIZE INDUSTRIES

Income Statement

For the Year Ended December $31,2024$

$($$ in thousands$)$

Revenues

Sales revenue $ $2,645$

Gain on sale of land $90$ $ $2,735$

Expenses

Cost of goods sold $ $600$

Depreciation expense$$building $30$

Depreciation expense$$equipment $315$

Loss on sale of equipment $15$

Amortization of patent $300$

Operating expenses $5001,760$

Net income $ $975$

Additional information from the accounting records:

Annual payments of $$20,000$ on the finance lease liability are paid each January $1,$ beginning in $2024.$

During $2024,$ equipment with a cost of $$300,000(90\%$ depreciated$)$ was sold.

The statement of shareholders' equity reveals reductions of $$225,000$ and $$450,000$ for stock dividends and cash dividends, respectively.

Required:

Prepare the statement of cash flows of Metagrobolize for the year ended December $31,2024.$ Present cash flows from operating activities by the direct method.

Note: 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.