- Information from the financial statements of Metagrabolize Industries is shown below. 2017 METAGROBOLIZE INDUSTRIES Comparative Balance Sheets December 31, 2018 and 2017 ($ in 000s) 2018 Assets Cash 500 Accounts receivable 590 Inventory 740 Land 750 Building 700 Less: Accumulated depreciation (200) Equipment 3,100 Less: Accumulated depreciation (397) Patent 1,200 $ 6,983 Liabilities Accounts payable $ 840 Accrued expenses payable 270 Lease liability-land 130 Shareholders' Equity Common stock 3,700 Paid-in capital-excess of par Retained earnings 1,493 $ 6,983 $ 305 310 410 735 700 (185) 2,870 (360) 1,450 $ 6,235 $ 640 230 550 3,500 540 1,325 $ 6,235 $ 2,894 90 $ 2,984 METAGROBOLIZE INDUSTRIES Income Statement For the Year Ended December 31, 2018 ($ in 000s) Revenues 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 $ 1,040 15 496 20 250 400 2,221 763 $ Additional information from the accounting records: a. Acquired land by signing a lease and also paid $20,000 of the lease liability. b. During 2018, equipment with a cost of $510,000 (90% depreciated) was sold. c. Stock dividends of $210,000 were declared and paid. d. Make logical assumptions about any changes in accounts that are not specifically explained. Prepare ONLY the operating activities section using the direct method