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Comparative balance sheets for 2024 and 2023 and a statement of income for 2024 are given below for Metagrobolize Industries. Additional information from the accounting
Comparative balance sheets for 2024 and 2023 and a statement of income for 2024 are given below for Metagrobolize Industries. Additional information from the accounting records of Metagrobolize also is provided. Additional information from the accounting records: a. Annual payments of $20,000 on the finance lease liability are paid each January 1 , beginning in 2024 . b. During 2024 , 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. Note: 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. \begin{tabular}{|l|l|l|} \hline \multicolumn{1}{|c|}{ METAGROBOLIZE INDUSTRIES } \\ \hline \multicolumn{1}{|c|}{ Statement of Cash Flows } \\ \hline \multicolumn{1}{|c|}{ For year ended December 31, 2024 } \\ \hline Cash flows from operating activities: & & \\ \hline Net income & & \\ \hline Adjustments for noncash effects: & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline Changes in operating assets and liabilities: & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} \begin{tabular}{|c|c|c|} \hline \multicolumn{3}{|l|}{ Cash flows from financing activities: } \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline Net cash flows from financing activities & & 0 \\ \hline \multicolumn{3}{|l|}{ Net increase in cash } \\ \hline \multicolumn{3}{|l|}{ Cash balance, January 1} \\ \hline Cash balance, December 31 & $ & 0 \\ \hline \multicolumn{3}{|l|}{ Noncash investing and financing activities: } \\ \hline & & \\ \hline & & \\ \hline \end{tabular}
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