Prepare the statement of cash flows for Metagrobolize industries using the INDIRECT METHOD.

*I got ONE part wrong at the beginning wverythibg else is correct*

Comparative balance sheets for 2021 and 2020 and a statement of income for 2021 are given below for Metagrobolize Industries. Additional information from the accounting records of Metagrobolize also is provided. 2020 $ 225 780 330 420 540 700 METAGROBOLIZE INDUSTRIES Comparative Balance Sheets December 31, 2021 and 2020 ($ in thousands) 2021 Assets Cash $ 520 Accounts receivable 630 Inventory Land 550 Building 700 Less: Accumulated depreciation (300) Equipment 3,200 Less: Accumulated depreciation (439) Patent 1,400 $ 7,041 Liabilities Accounts payable $ 880 Accrued liabilities 290 Lease liability-land 130 Shareholders' Equity Common stock 3,600 Pald.in capital-excess of par 550 Retained earnings 1,591 $ 7,041 (280) 2,990 (400) 1.500 $ 6,025 $ 630 240 0 3,500 430 1.225 $ 6,025 $ 3.138 METAGROBOLIZE INDUSTRIES Income Statement For the Year Ended December 31, 2021 ($ in thousands) Revenues Sales revenue $ 3,078 Gain on sale of land 60 Expenses Cost of goods sold 1,080 Depreciation expense-building Depreciation expense-equipment 552 Loss on sale of equipment 25 Amortization of patent Operating expenses 400 Net income 100 2.177 S961 Additional information from the accounting records: a. Annual payments of $20,000 on the finance lease liability are paid each January 1, beginning in 2021. b. During 2021, equipment with a cost of $570,000 (90% depreciated) was sold. c. The statement of shareholders' equity reveals reductions of $220,000 and $375,000 for stock dividends and cash dividends, respectively. Required: Prepare the statement of cash flows for Metagrobolize Industries using the indirect method. (Enter your answers in thousands (i.e., 10,000 should be entered as 10).) Amounts to be deducted should be indicated with a minus sign.) 961 METAGROBOLIZE INDUSTRIES Statement of Cash Flows For year ended December 31, 2021 ($ in 000s) Cash flows from operating activities: Net income $ Adjustments for noncash effects: Depreciation expense - Building Depreciation expense - Equipment Amortization expense Loss on sale of equipment Gain on sale of land Sa Changes in operating assets and liabilities: Increase in accounts receivable Increase in inventory Increase in accounts payable Increase in accrued expenses (300) (360) 250 50 Net cash flows from operating activities Cash flows from investing activities: Sale of equipment Sale of land Purchase of equipment (780) (548) Net cash flows from investing activities Cash flows from financing activities Payment on lease liability Payment of dividends (20) (375) (395) 295 Net cash flows from financing activities Net increase in cash Cash balance, January 1 Cash balance, December 31 Noncash investing and financing activities: Acquired land by lease 520