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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

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 $ 490 $ 280
Accounts receivable 570 300
Inventory 720 405
Land 750 720
Building 700 700
Less: Accumulated depreciation (300 ) (260)
Equipment 3,050 2,810
Less: Accumulated depreciation (376 ) (340 )
Patent 1,100 1,300
$ 6,704 $ 5,915
Liabilities
Accounts payable $ 820 $ 520
Accrued liabilities 260 225
Lease liabilityland 130 0
Shareholders' Equity
Common stock 2,680 2,500
Paid-in capitalexcess of par 600 575
Retained earnings 2,214 2,095
$ 6,704 $ 5,915

METAGROBOLIZE INDUSTRIES Income Statement For the Year Ended December 31, 2021 ($ in thousands)
Revenues
Sales revenue $ 2,777
Gain on sale of land 85 $ 2,862
Expenses
Cost of goods sold $ 1,020
Depreciation expensebuilding 40
Depreciation expenseequipment 468
Loss on sale of equipment 20
Amortization of patent 200
Operating expenses 400 2,148
Net income $ 714

Additional information from the accounting records:

  1. Annual payments of $20,000 on the finance lease liability are paid each January 1, beginning in 2021.
  2. During 2021, equipment with a cost of $480,000 (90% depreciated) was sold.
  3. The statement of shareholders' equity reveals reductions of $205,000 and $390,000 for stock dividends and cash dividends, respectively.

Required: 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.)

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