Presented below are the 2021 income statement and comparative balance sheets for Santana Industries. $23,250 SANTANA INDUSTRIES Income Statement For the Year Ended December 31, 2021 ($ in thousands) Sales revenue $ 17,050 Service revenue 6,200 Total revenue Operating expenses: Cost of goods sold 8,600 Selling expense 3,800 General and administrative expense 2,900 Total operating expenses Operating income Interest expense Income before income taxes Income tax expense Net income 15,300 7,950 290 7,660 3,000 $ 4,660 Dec. 31, Dec. 31, 2021 2020 $ 9,700 5,300 6,800 290 17,300 (6,500) $32,890 $ 3,460 3,600 4,400 580 14,800 (5,900) $20,940 Balance Sheet Information ($ in thousands) Assets: Cash Accounts receivable Inventory Prepaid rent Equipment Less: Accumulated depreciation Total assets Liabilities and Shareholders' Equity: Accounts payable Interest payable Deferred revenue Income taxes payable Notes payable (due 12/31/2023) Common stock Retained earnings Total liabilities and shareholders' equity $ 2,500 0 740 1,080 $ 4,200 240 1,080 690 7,800 11,400 7,480 $32,890 11,400 5,220 $20,940 Additional information for the 2021 fiscal year ($ in thousands): 1. Cash dividends of $2,400 were declared and paid. 2. Equipment costing $6,800 was purchased with cash. 3. Equipment with a book value of $1,900 (cost of $4,300 less accumulated depreciation of $2,400) was sold for $1,900. 4. Depreciation of $3,000 is included in operating expenses. Required: Prepare Santana Industries' 2021 statement of cash flows, using the indirect method to present cash flows from operating activities. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands.) SANTANA INDUSTRIES Statement of Cash Flows For the Year Ended December 31, 2021 ($ in thousands) Cash flows from operating activities: Adjustments for noncash effects Changes in operating assets and liabilities: Net cash flows from operating activities Cash flows from investing activities: Net cash flows from investing activities Cash flows from financing activities: Net cash flows from financing activities Net increase in cash Cash, January 1 Cash, December 31