Comparative balance sheets for 2021 and 2020 and a statement of Income for 2021 are given below for Metagrobolize Industries Additional Information from the accounting records of Metagrobolize also is provided. ME TAGROBOLIZE INDUSTRIES Comparative Balance Sheets December 31, 2021 and 2020 ($ in thousands) 2021 2020 $ 568 710 860 7ee Assets Cash Accounts receivable Inventory Land Building Less: Accumulated depreciation Equipment Less: Accumulated depreciation Patent 9ee (200) 3, 4ee (343) 1,800 $ 8,387 $ 370 370 440 670 900 (160) 3,230 (300) 2,100 $ 7,620 $ $ 960 330 130 710 260 Liabilities Accounts payable Accrued liabilities Lease liability-land Shareholders' Equity Common stock Paid-in capital-excess of par Retained earnings 3,689 see 2,487 $ 8,387 3,500 740 2.410 $ 7,620 $ 3, 211 METAGROBOLIZE INDUSTRIES Income Statement For the Year Ended December 31, 2021 ($ in thousands) Revenues Sales revenue $ 3,131 Gain on sale of land 80 Expenses Cost of goods sold 1,160 Depreciation expense-building 40 Depreciation expense-equipment 664 Loss on sale of equipment 25 Amortization of patent 3ee Operating expenses 350 Net income 2,539 672 $ Additional Information from the accounting records a. Annual payments of $20,000 on the finance lease liability are paid each January 1, beginning in 2021. b. During 2021, equipment with a cost of $690.000 (90% depreciated) was sold. c. The statement of shareholders' equity reveals reductions of $240,000 and $355,000 for stock dividends and cash dividends, respectively a. Annual payments of $20,000 on the finance lease liability are paid each January 1, beginning in 2021. b. During 2021, equipment with a cost of $690,000 (90% depreciated) was sold. c. The statement of shareholders' equity reveals reductions of $240,000 and $355,000 for stock dividends and cash dividends, respectively. Required: Prepare the statement of cash flows for Metagrobolize Industries using the Indirect method. (Enter your answers in thousands (l.e., 10,000 should be entered as 10).) Amounts to be deducted should be indicated with a minus sign.) METAGROBOLIZE INDUSTRIES Statement of Cash Flows For year ended December 31, 2021 ($ in 000s) Cash flows from operating activities: Net income $ Adjustments for noncash effects: Depreciation expense - Building Loss on sale of equipment Amortization expense Gain on sale of land 2,791 1,330 280 Changes in operating assets and liabilities: Increase in accounts receivable Increase in inventory Increase in accounts payable Increase in accrued expenses $ 4,401 Net cash flows from operating activities Cash flows from investing activities: 0 Net cash flows from investing activities Cash flows from financing activities: 0 Net cash flows from financing activities Net increase in cash Cash balance, January 1 Cash balance, December 31 Noncash investing and financing activities: S
