Omega Company's accountants have just completed the income statement and balance sheet for the year and have provided the following information (dollars in thousands): $ 20,690 INCOME STATEMENT Sales revenue Expenses Cost of goods sold $ 9,180 Depreciation expense 3,090 Salaries expense 4,150 Rent expense 2,870 Insurance expense 1,030 Utilities expense 840 Interest expense on bonds 510 Loss on sale of investments 760 Net loss 22,430 $ (1,740) Prior Year $ 69 534 SELECTED BALANCE SHEET ACCOUNTS Current Year Merchandise inventory $ 88 Accounts receivable 446 490 Accounts payable 264 209 Salaries payable 41 2- Rent payable 10 10 Prepaid rent 12 Prepaid insurance 26 223 15 15 20 20 15 7 Other Data: The company issued $17,000, 6 percent bonds payable at par during the year. Required: 1. Prepare the cash flows from operating activities section of the statement of cash flows using the direct method. (List cash outflows as negative amounts. Enter your answers in thousands.) OMEGA COMPANY Cash Flows from Operating Activities Direct Method (in thousands) Cash flows from operating activities: Cash payment on long-term note Cash payments for bond interest Cash payments for dividends Cash payments for insurance Cash payments for rent 2. Prepare the cash flows from operating activities section of the statement of cash flows using the indirect method. (List cash outflows and losses as negative amounts. Enter your answers in thousands.) OMEGA COMPANY Cash Flows from Operating Activities Indirect Method (in thousands) Cash flows from operating activities: Adjustments to reconcile net loss to net cash provided by operating activities: Total adjustments 0 $ 0