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	$ 14,450
Service revenue	3,600
Total revenue		$ 18,050
Operating expenses:
Cost of goods sold	7,300
Selling expense	2,500
General and administrative expense	1,600
Total operating expenses		11,400
Operating income		6,650
Interest expense		160
Income before income taxes		6,490
Income tax expense		1,700
Net income		$ 4,790

Balance Sheet Information ($ in thousands)	December 31, 2024	December 31, 2023
Assets:
Cash	$ 8,400	$ 2,290
Accounts receivable	2,700	2,300
Inventory	4,200	3,100
Prepaid rent	160	320
Equipment	14,700	12,200
Less: Accumulated depreciation	(5,200)	(4,600)
Total assets	$ 24,960	$ 15,610
Liabilities and Shareholders Equity:
Accounts payable	$ 1,600	$ 1,200
Interest payable	110	0
Deferred revenue	820	610
Income taxes payable	560	820
Notes payable (due 12/31/2026)	5,200	0
Common stock	10,100	10,100
Retained earnings	6,570	2,880
Total liabilities and shareholders' equity	$ 24,960	$ 15,610

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

1. Cash dividends of $1,100 were declared and paid.
2. Equipment costing $4,200 was purchased with cash.
3. Equipment with a book value of $600 (cost of $1,700 less accumulated depreciation of $1,100) was sold for $600.
4. Depreciation of $1,700 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.