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. METAGROBOLIZE INDUSTRIES Comparative Balance Sheets December 31, 2021 and 2020 ($ in thousands) 2021 2020 Assets Cash $ 540 $ 285 Accounts receivable 670 350 Inventory 820 430 Land 600 570 Building 900 900 Less: Accumulated depreciation (250) (220) Equipment 3,300 3,110 Less: Accumulated depreciation (481) (440) Patent 1,600 1,800 $ 7,699 $ 6,785 Liabilities Accounts payable 920 Accrued liabilities Lease liability-land Shareholders' Equity 310 $ 720 250 130 0 Common stock Paid-in capital-excess of par Retained earnings 3,640 3,500 550 2,149 460 1,855 $ 7,699 $ 6,785 METAGROBOLIZE INDUSTRIES Income Statement For the Year Ended December 31, 2021 ($ in thousands) 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 $ 3,152 70 $ 3,222 1,120 30 608 25 200 350 2,333 $ 889 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 $630,000 (90% depreciated) was sold. c. The statement of shareholders' equity reveals reductions of $230,000 and $365,000 for stock dividends and cash dividends, respectively. Required: Prepare the statement of cash flows for Metagrobolize Industries using the indirect method. (Enter your answers in thousands (i.e., 10,000 should be entered as 10).) Amounts to be deducted should be indicated with a minus sign.) Statement of Cash Flows For year ended December 31, 2021 Cash flows from operating activities: Net income Adjustments for noncash effects: Depreciation expense - Equipment ($ in 000s) $ 889 Changes in operating assets and liabilities: Net cash flows from operating activities Cash flows from investing activities: Sale of equipment Purchase of equipment Sale of land Net cash flows from investing activities Cash flows from financing activities: Payment of dividends Payment on lease liability Net cash flows from financing activities Net increase in cash Cash balance, January 1 Cash balance, December 31 Noncash investing and financing activities: 38 (820) 190 (365) $ 889 (592) (365) $ 0