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, METACRONOLIZE THOUSTRIES Comparative Balance Sheets December 31, 2021 and 2020 (s in thousands) 2021 2020 Assets Cash 460 $ 190 Accounts receivable 510 270 Inventory 660 390 Land 700 605 Building 300 800 Less: Accumulated depreciation (300) (275) Equipment 2,900 2,630 Less: Accumulated depreciation (493) (460) Patent 1,800 2,100 $7,037 $ 6,250 Liabilities Accounts payable $ 760 5 560 Accrued liabilities 230 210 Lease Hability-land 130 Shareholders' Equity Common stock 2,620 2,500 Paid.in capital excess of par 600 530 Retained earnings 2,697 2,450 $ 7,037 $ 6,250 METAGROBOLIZE INDUSTRIES Income Statement For the Year Ended December 31, 2021 MET MAROBOLIZE INDUSTRIES Income Statement For the Year Ended December 31, 2021 $ 3,061 70 $ 3,131 Revenues Sales revenue Gain on sale of land Expenses Cost of goods sold Depreciation expense-building Depreciation expense-equipment Loss on sale of equipment Amortization of patent Operating expenses Net Income 960 25 384 20 300 600 2,289 $ 842 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 $390,000 (90% depreciated) was sold c. The statement of shareholders' equity reveals reductions of $190,000 and $405,000 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 (ie 10,000 should be entered as 10).) Amounts to be deducted should be indicated with a minus sign.) 842 METAGROBOLIZE INDUSTRIES Statement of Cash Flows For year ended December 31, 2021 (s in 000s) Cash flows from operating activities: Net income $ Adjustments for noncash effects: Gain on sale of land Loss on sale of equipment Depreciation expense - Building Depreciation expense - Equipment Amortization expense Changes in operating assets and liabilities Increase in accounts receivable Increase in inventory Increase in accounts payable Increase in accrued expenses $ $ 842 Net cash flows from operating activities Cash flows from investing activities Sale of land Sale of equipment Purchase of equipment