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. Revenues: Sales Paddleboard Inc. Income Statement For Year Ended December 31, 2020 Cost of goods sold Gross Profit Expenses: Other expenses Depreciation expense (0005) Total operating expenses Profit from operations Income tax expense Profit $ 3,244 1,566 1,678 $ 650 30 680 998 588 $ 410 Paddleboard Inc. Post-Closing Trial Balance (0005) December 31 Account 2020 2019 Cash $1,980 $1,750 Receivables 2,710 1,990 Merchandise inventory 2,470 2,950 Property, plant and equipment 2,950 2,630 Accumulated depreciation 1,830 1,800 Investments 1,990 2,150 Accounts payable 1,830 1,350 Accrued liabilities 40 480 Bonds payable 1,620 2,310 Common shares Retained earnings 2,950 2,050 3,830 3,480 Other information regarding Paddleboard Inc. and its activities during 2020: 1. Assume all accounts have normal balances. 2. Cash dividends were declared and paid during the year. 3. There were no sales of property, plant, and equipment assets during the year. 4. 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.) PADDLEBOARD INC. Statement of Cash Flows For Year Ended December 31, 2020 (000s) Cash flows from operating activities: Profit Adjustments to reconcile net income to net cash inflows from operating activities: Depreciation expense Increase in receivables Decrease in merchandise inventory Increase in accounts payable Decrease in accrued liabilities Net cash inflow from operating activities Cash flows from investing activities: Net cash inflow from investing activities Cash flows from financing activities: $ 410 30 (720) 480 480 (440) 69 $ 240 0 0 $ 0