Comparative balance sheets for 2016 and 2015 and a statement of income for 2016 are given below for Metagrobolize Industries. Additional information from the accounting records of Metagrobolize also is provided. METAGROBOLIZE INDUSTRIES Comparative Balance Sheets December 31, 2016 and 2015 ($ in 000s) 2016 2015 Assets Cash $ 425 $ 245 Accounts receivable 350 190 Inventory 500 275 Land 500 450 Building 900 900 Less: Accumulated depreciation (200) (180) Equipment 2,500 2,150 Less: Accumulated depreciation (325) (300) Patent 1,000 1,150 $ 5,650 $ 4,880 Liabilities Accounts payable $ 600 $ 400 Accrued expenses payable 150 130 Lease liabilityland 150 0 Shareholders' Equity Common stock 3,100 3,000 Paid-in capitalexcess of par 750 700 Retained earnings 900 650 $ 5,650 $ 4,880 METAGROBOLIZE INDUSTRIES Income Statement For the Year Ended December 31, 2016 ($ in 000s) Revenues Sales revenue $ 2,555 Gain on sale of land 30 $ 2,585 Expenses Cost of goods sold $ 800 Depreciation expensebuilding 20 Depreciation expenseequipment 160 Loss on sale of equipment 10 Amortization of patent 150 Operating expenses 600 1,740 Net income $ 845 Additional information from the accounting records: a. During 2016, equipment with a cost of $150,000 (90% depreciated) was sold. b. 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, 2016. Present cash flows from operating activities by the direct method