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 S 240 S 190 Accounts receivable 470 250 Inventory 620 380 Land 625 575 Building 800 800 Less: Accumulated depreciation (200 Equipment 2, 800 2, 510 Less: Accumulated depreciation (451 (420) Patent 1, 600 1, 800 $ 6, 704 $ 5, 915 Liabilities Accounts payable S 720 S 470 Accrued liabilities 210 165 Lease liability-land 130 Shareholders' Equity Common stock 2, 650 2, 500 Paid-in capital-excess of par 500 470 Retained earnings 2, 494 2 , 310 $6,704 $ 5, 915 Income Statement For the Year Ended December 31, 2021 ($ in thousands) Revenues Sales revenue $2, 807 Gain on sale of land 60 $2, 867 Expenses Cost of goods sold 920 Depreciation expense-building Depreciation expense-equipment 328 Loss on sale of equipment 10 Amortization of patent 200 Operating expenses 2, 088 Net income $ 779 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 $330,000 (90% depreciated) was sold. c. The statement of shareholders' equity reveals reductions of $180,000 and $415,000 for stock dividends and cash dividends, respectively. Prepare the statement of cash flows of Metagrobolize for the year ended December 31, 2021. Present cash flows from operating activities by the direct method. (Enter your answers in thousands (i.e., 10,000 should be entered as 10). Amounts to be deducted should be indicated with a minus sign.) METAGROBOLIZE INDUSTRIES Statement of Cash Flows For the year ended December 31, 2021 ($ in thousands) Cash flows from operating activities: Cash inflows. From customers Cash outflows: To suppliers of goods For operating expenses Net cash flows from operating activities $ Cash flows from investing activities: Purchase of equipment (620) Sale of land Sale of equipment Net cash flows from investing activities (620) Cash flows from financing activities: Payment on lease liability (20) Payment of dividends ( 415 ) Net cash flows from financing activities (435) Net increase (decrease) in cash (1,055) Cash balance, January 1 Cash balance, December 31 $ (1,055) Noncash investing and financing activities: Acquired land