Prepare the statement of cash flows for Metagrobolize Industries using the INDIRECT method.

*I marked the answers i got incorrect in red and the ones that are correct in green*

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. METAGROBOLIZE INDUSTRIES Comparative Balance Sheets December 31, 2021 and 2020 (5 in thousands) 20:20 $ 520 5 225 Account a ble Building Les Acum depreciation Equipment Less Accumulated depreciation Patent 1.500 $ 6.025 $ 7.041 Liabilities Accounts payable Accredibilities Les ability and Shareholders' Equity Common stock Paid in capital excess of par Retained coming $ 7,041 $ 6,025 $ 3,138 METAGROBOLIZE INDUSTRIES Income Statement For the Year Ended December 31, 2021 ($ in thousands) Revenues Sales revenue $ 3078 Gain on sale of land 60 Expenses Cost of goods sold 1 080 Depreciation expense building Depreciation expense equipment Loss on sale of equipment Amortization of patent Operating expenses Not income 2177 $ 951 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 $375,000 for stock dividends and cash dividends, respectively. Required: Prepare the statement of cash flows for Metagrobolize Industries using the indirect method. (Enter your answers in thousands (i.e., 10,000 should be entered as 10).) Amounts to be deducted should be indicated with a minus sign.) Required: Prepare the statement of cash flows for Metagrobolize Industries using the indirect method. (Enter your answers in thousands (i.e., 10,000 should be entered as 10).) Amounts to be deducted should be indicated with a minus sign.) METAGROBOLIZE INDUSTRIES Statement of Cash Flows For year ended December 31, 2021 ($ in 000) Cash flows from operating activities: Net Income Adjustments for noncash effects Depreciation expense - Building Depreciation expense - Equipment Amortization expense Loss on sale of land 961 (300) Changes in operating assets and liabilities: Increase in accounts receivable increase in inventory Increase in accounts payable increase in accrued expenses (360) 250 Net cash flows from operating activities Cash flows from investing activities: Sale of equipment Sale of land Purchase of equipment Acquired land by lease Net cash flows from investing activities Cash flows from financing activities: Payment on lease liability Payment of dividends INTI 780) (10) 375) Net cash flows from financing activities Net increase in cash Cash balance, January 1 Cash balance, December 31 Noncash investing and financing activities: Payment on lease liability Payment of dividends