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Presented below are the $2024$ income statement and comparative balance sheets for Santana Industries.

SANTANA INDUSTRIES

Income Statement

For the Year Ended December $31,2024$

$($$ in thousands$)$

Sales revenue $ $16,650$

Service revenue $5,800$

Total revenue $ $22,450$

Operating expenses:

Cost of goods sold $8,400$

Selling expense $3,600$

General and administrative expense $2,700$

Total operating expenses $14,700$

Operating income $7,750$

Interest expense $270$

Income before income taxes $7,480$

Income tax expense $2,800$

Net income $ $4,680$

Balance Sheet Information $($$ in thousands$)$ December $31,2024$ December $31,2023$

Assets:

Cash $ $9,500$ $ $3,280$

Accounts receivable $4,9003,400$

Inventory $6,4004,200$

Prepaid rent $270540$

Equipment $16,90014,400$

Less: Accumulated depreciation $(6,300)(5,700)$

Total assets $ $31,670$ $ $20,120$

Liabilities and Shareholders$$ Equity:

Accounts payable $ $3,800$ $ $2,300$

Interest payable $2200$

Deferred revenue $1,040720$

Income taxes payable $6701,040$

Notes payable $($due $12/31/2026)7,4000$

Common stock $11,20011,200$

Retained earnings $7,3404,860$

Total liabilities and shareholders' equity $ $31,670$ $ $20,120$

Additional information for the $2024$ fiscal year $($$ in thousands$)$:

Cash dividends of $$2,200$ were declared and paid.

Equipment costing $$6,400$ was purchased with cash.

Equipment with a book value of $$1,700($cost of $$3,900$ less accumulated depreciation of $$2,200)$ was sold for $$1,700.$

Depreciation of $$2,800$ is included in operating expenses.

Required:

Prepare Santana Industries' $2024$ statement of cash flows, using the indirect method to present cash flows from operating activities.

Note: Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands.