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 $ $17,850$

Service revenue $7,000$

Total revenue $ $24,850$

Operating expenses:

Cost of goods sold $9,000$

Selling expense $4,200$

General and administrative expense $3,300$

Total operating expenses $16,500$

Operating income $8,350$

Interest expense $330$

Income before income taxes $8,020$

Income tax expense $3,400$

Net income $ $4,620$

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

Assets:

Cash $ $10,100$ $ $3,820$

Accounts receivable $6,1004,000$

Inventory $7,6004,800$

Prepaid rent $330660$

Equipment $18,10015,600$

Less: Accumulated depreciation $(6,900)(6,300)$

Total assets $ $35,330$ $ $22,580$

Liabilities and Shareholders$$ Equity:

Accounts payable $ $5,000$ $ $2,900$

Interest payable $2800$

Deferred revenue $1,160780$

Income taxes payable $7301,160$

Notes payable $($due $12/31/2026)8,6000$

Common stock $11,80011,800$

Retained earnings $7,7605,940$

Total liabilities and shareholders' equity $ $35,330$ $ $22,580$

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

Cash dividends of $$2,800$ were declared and paid.

Equipment costing $$7,600$ was purchased with cash.

Equipment with a book value of $$2,300($cost of $$5,100$ less accumulated depreciation of $$2,800)$ was sold for $$2,300.$

Depreciation of $$3,400$ 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.