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. METAGROBOLIZE INDUSTRIES Comparative Balance Sheets December 31, 2024 and 2023 ($ in thousands) 2024 2023 Assets Cash Accounts receivable Inventory Land Building $ 405 $ 245 350 190 500 275 500 450 900 900 Less: Accumulated depreciation Equipment Less: Accumulated depreciation Patent (200) (180) 2,500 2,150 (325) (300) 1,000 1,150 $ 5,630 $ 4,880 Liabilities Accounts payable $ 600 Accrued liabilities Lease liability-land Common stock Shareholders' Equity Paid-in capital-excess of par Retained earnings 150 130 $ 400 130 0 3,100 750 900 3,000 700 650 $ 5,630 $ 4,880 Revenues METAGROBOLIZE INDUSTRIES Income Statement For the Year Ended December 31, 2024 ($ in thousands) 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 $ 2,555 30 $ 2,585 800 20 160 10 150 600 1,740 $ 845 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 $150,000 (90% depreciated) was sold. c. The statement of shareholders' equity reveals reductions of $150,000 and $445,000 for stock dividends and cash dividends, respectively. Required: Prepare the statement of cash flows for Metagrobolize Industries using the indirect method. Note: Enter your answers in thousands (i.e., 10,000 should be entered as 10).) Amounts to be deducted should be indicated with a minus sign. METAGROBOLIZE INDUSTRIES Statement of Cash Flows For year ended December 31, 2024 Cash flows from operating activities: Net income Adjustments for noncash effects: Depreciation expense - Equipment Amortization expense ($ in 000s) $ 845,000 180,000 150,000 Changes in operating assets and liabilities: Increase in accounts receivable 160,000 Decrease in inventory (225,000) Decrease in accounts payable (20,000) 130,000 Acquired land by lease Net cash flows from operating activities Cash flows from investing activities: Sale of equipment 150,000 $ 1,220,000 Decrease in inventory Decrease in accounts payable Acquired land by lease Net cash flows from operating activities Cash flows from investing activities: Sale of equipment Gain on sale of land Net cash flows from investing activities Cash flows from financing activities: (225,000) (20,000) 130,000 150,000 30,000 $ 1,220,000 180,000 Purchase of equipment 100,000 Gain on sale of land 50,000 Payment on lease liability 250,000 Net cash flows from financing activities Net increase in cash Cash balance, January 1 Cash balance, December 31 400,000 1,115,000 245,000 $ 1,360,000 Noncash investing and financing activities: Acquired land by lease $ 1,360,000 Amortization expense