Portions of the financial statements for Parnell Company are provided below.

PARNELL COMPANY
Income Statement
For the Year Ended December 31, 2021
($ in thousands)
Revenues and gains:
Sales	$	810
Gain on sale of building		12		$	822
Expenses and loss:
Cost of goods sold	$	305
Salaries		121
Insurance		41
Depreciation		124
Interest expense		51
Loss on sale of equipment		12			654
Income before tax					168
Income tax expense					84
Net income				$	84

PARNELL COMPANY
Selected Accounts from Comparative Balance Sheets
December 31, 2021 and 2020
($ in thousands)
	Year
		2021			2020		Change
Cash	$	136		$	99		$	37
Accounts receivable		326			215			111
Inventory		320			427			(107	)
Prepaid insurance		65			90			(25	)
Accounts payable		212			116			96
Salaries payable		104			92			12
Deferred tax liability		62			53			9
Bond discount		189			202			(13	)

Problem 21-8 (Algo) Part 1

Required: 1. Prepare the cash flows from operating activities section of the statement of cash flows for Parnell Company using the direct method. (Enter your answers in thousands (i.e., 10,000 should be entered as 10). Amounts to be deducted should be indicated with a minus sign.)

2. Prepare the cash flows from operating activities section of the statement of cash flows for Parnell Company using the indirect method. (Enter your answers in thousands (i.e., 10,000 should be entered as 10). Amounts to be deducted should be indicated with a minus sign.)