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8 5 points ellook Print References Presented below are the 2021 income statement and comparative balance sheets for Santana Industries. SANTANA INDUSTRIES Income Statement For the Year Ended December 31, 2021 (5 in thousands) Sales revenue Service revenue $ 16,250 5,400 Total revenue $21,650 Operating expenses f Cost of goods sold 8,200 Selling expense 3,400 General and administrative expense 2,500 Total operating expenses 14,100 Operating income 7,550 Interest expense 250 Income before income taxes 7,300 2,600 Income tax expense Net income $4,700 Balance Sheet Information ($ in thousands) Assets: Cash Accounts receivable Inventory Prepaid rent Equipment Lenas Accumulated depreciation Total assets Liabilities and shareholders' Equity: Ancounte natrable Dec. 31, Dec. 31, 2021 2020 $ 3,100 $ 9,300 4,500 3,200 4,000 6,000 250 16,500 500 14,000 (6,100) (5,500) $30,450 5 2 400 $19,300 $ 1.100 8 5 points ellook Print References Operating income Interest expense Income, before income taxes Income tax expense Not income Balance Sheet Information (6 in thousands); Assets: Cash Accounts receivable Inventory Prepaid rent Equipment Leas: Accumulated depreciation Total assets Liabilities and Shareholders' Equity: Accounts payable Interest payable Deferred revenue Income taxes payable Notes payable (due 12/31/2023) Common stock Retained earnings Total liabilities and shareholders' equity 7,550 250 7,300 2,600 $4,700 Dec. 31, Dec. 31, 2021 2020 $ 3,100 3,200 4,000 $9,300 4,500 6,000 250 16,500 (6,100) 500 14,000 (5,500) $30,450 $3,400 200 1,000 650 7,000 11,000 7,200 $30,450 $19,300 $ 2,100 0 700 1,000 0 11,000 4,500 $19,300 wg *w*www *w/www Leasi Accumulated depreciation (6.100) (5,500) Total assuts $30,450 $19,300 Liabilities and Sharebolders' Equity: Accounts payable $3,400 $2,100 200 O Interest payable Deferred revenue 1,000 Income taxes payable 700 1,000 650 Notes payable (due 12/31/2023) 7,000 0 Common stock 11,000 11,000 Retained earnings 7,200 4,500 Total liabilities and shareholders' equity $30,450 $19,300 Additional information for the 2021 fiscal year ($ in thousands): 1. Cash dividends of $2,000 were declared and paid. 2. Equipment costing $6,000 was purchased with cash. 3. Equipment with a book value of $1,500 (cost of $3,500 less accumulated depreciation of $2,000) was sold for $1,500. 4. Depreciation of $2,600 is included in operating expenses. Required: Prepare Santana Industries' 2021 statement of cash flows, using the indirect method to present cash flows from operating activities. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands.) 8 5 points eBook Print References SANTANA INDUSTRIES Statement of Cash Flows For the Year Ended December 31, 2021 (5 in thousands) Cash flows from operating activities: Adjustments for noncash effects Changes in operating assets and liabilities: Net cash flows from operating activities Cash flows from investing activities: $ 0 Help 8 5 points cBook frances Net cash flows from operating activities Cash flows from investing activities: Net cash flows from investing activities Cash flows from financing activities: Net cash flows from financing activities Net increase in cash Cash, January 1 Cash, December 31 S $ 0 0 0 0 0