Jacobson Manufacturing Corporation earned $88,000 in profit during 2023. Machinery was sold for $118,000 and a $28,000 loss on the sale was recorded. Machinery purchases totalled $355,000 Including a July purchase for which an $116,000 promissory note was Issued. Bonds were retired at their face value, and the Issuance of new common shares produced an Infusion of cash. Jacobson's comparative balance sheets were as follows. Jacobson Manufacturing Corporation Comparative Balance Sheet Information (in thousands) December 311 Assets Cash 2023 $ 149 2022 $ 111 Accounts receivable 241 294 Merchandise inventory Machinery 396 355 1,800 1,710 Accumulated depreciation (280) (300) Total assets $2,306 $2,170 Liabilities and Equity Accounts payable $ 492 $ 565 Notes payable 344 255 Dividends payable 50 38 Bonds payable 246 347 Common shares 815 650 Retained earnings 359 $2,306 315 $2,170 Total liabilities and equity Required: (Enter amounts in thousands, as per balance sheet above. List any deduction in cash and cash outflows and loss as negative amounts.) 1. What was Jacobson's depreciation expense in 2023? Depreciation expense 2. What was the amount of cash flow from operating activities? Operating activities