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 $3,794 1,546. 2,248 $ 870 90 960 1,288 288 $1,000 Paddleboard Inc. Post-Closing Trial Balance (000) December 31 Account Cash 2020 2019 $2,980 $1,850 Receivables 2,800. 2,090 Merchandise inventory 2,570 3,140 Property, plant and equipment 3,050 2,730 Accumulated depreciation 1,930 1,840 Investments 2,090 2,250 Accounts payable Bonds payable 1,930 1,450 Accrued liabilities Common shares Retained earnings 320 480 2,330 2,500 3,050 2,740 3,930 3,050 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.) 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.) Answer is not complete. 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 Decrease in accrued liabilities Decrease in accounts payable Cash flows from investing activities: Cash flows from financing activities: Receipt from issuing common shares Payment to retire bonds payable Payment of cash dividends Net decrease in cash Cash at beginning of year Cash at end of year C $ 0 0 0 0