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 Accounts receivable Inventory Land Building Less: Accumulated depreciation Equipment Less: Accumulated depreciation Patent $ 490 570 720 750 700 (300) 3,050 (376) 1,100 $ 6,704 $ 280 300 405 720 700 (260) 2,810 (340) 1,300 $ 5,915 $ $ 820 260 130 520 225 Liabilities Accounts payable Accrued liabilities Lease liability,land Shareholders' Equity Common stock Paid-in capital-excess of par Retained earnings 2,680 600 2,214 $ 6,704 2,500 575 2,095 $5,915 METAGROBOLIZE INDUSTRIES Income Statement For the Year Ended December 31, 2021 ($ in thousands) Revenues Sales revenue $2,777 Gain on sale of land 85 $2,862 Expenses Cost of goods sold $1,020 Depreciation expense-building 40 Depreciation expense-equipment 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: 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 $480,000 (90% depreciated) was sold. C. The statement of shareholders' equity reveals reductions of $205,000 and $390,000 for stock dividends and cash dividends, respectively. Required: Prepare the statement of cash flows of Metagrobolize for the year ended December 31, 2021. Present cash flows from operating activities by the direct method. (Enter your answers in thousands (i.e., 10,000 should be entered as 10). Amounts to be deducted should be indicated with a minus sign.) Required: Prepare the statement of cash flows of Metagrobolize for the year ended December 31, 2021. Present cash flows from operating activities by the direct method. (Enter your answers in thousands (i.e., 10,000 should be entered as 10). Amour to be deducted should be indicated with a minus sign.) Answer is complete but not entirely correct. METAGROBOLIZE INDUSTRIES Statement of Cash Flows For the year ended December 31, 2021 ($ in thousands) Cash flows from operating activities: Cash inflows: From customers $ 2,507 Cash outflows: To suppliers of goods For operating expenses (1,035) (370) $ 1,102 Net cash flows from operating activities Cash flows from investing activities: Purchase of equipment Sale of land Sale of equipment (720) 205 13 X $ 1,102 Net cash flows from operating activities Cash flows from investing activities: Purchase of equipment Sale of land (720) 205 13 Sale of equipment (502) Net cash flows from investing activities Cash flows from financing activities: Payment of dividends Payment on lease liability (440) X (20) Net cash flows from financing activities Net increase (decrease) in cash Cash balance, January 1 Cash balance, December 31 Noncash investing and financing activities: (460) 140 170 X 310 $ Acquired land $ 150