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Paddleboard Inc. began operations on January 1 , 2 0 1 9 . Its post - closing trial balance at December 3 1 , 2

Paddleboard Inc. began operations on January 1,2019. Its post-closing trial balance at December 31,2019 and 2020, is shown below along with some other information.
Paddleboard Inc.
Income Statement
For Year Ended December 31,2020
(000s)
Revenues:
Sales $ 3,794
Cost of goods sold 1,546
Gross Profit 2,248
Expenses:
Other expenses $ 870
Depreciation expense 90
Total operating expenses 960
Profit from operations 1,288
Income tax expense 288
Profit $ 1,000
Paddleboard Inc.
Post-Closing Trial Balance
(000s)
December 31
Account 20202019
Cash $2,980 $1,850
Receivables 2,8002,090
Merchandise inventory 2,5703,140
Property, plant and equipment 3,0502,730
Accumulated depreciation 1,9301,840
Investments 2,0902,250
Accounts payable 1,9301,450
Accrued liabilities 320480
Bonds payable 2,3302,500
Common shares 3,0502,740
Retained earnings 3,9303,050
Other information regarding Paddleboard Inc. and its activities during 2020:
Assume all accounts have normal balances.
Cash dividends were declared and paid during the year.
There were no sales of property, plant, and equipment assets during the year.
Investments were sold for cash at their original cost.
Required:
Using the information provided, prepare a statement of cash flows (applying the indirect method) for the year ended December 31,2020.(List any deduction in cash and cash outflows as negative amounts. Enter amounts in thousands, not in dollar.)

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