Presented below are the 2024 income statement and comparative balance sheets for Santana Industries.

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

1. Cash dividends of $1,700 were declared and paid.
2. Equipment costing $5,400 was purchased with cash.
3. Equipment with a book value of $1,200 (cost of $2,900 less accumulated depreciation of $1,700) was sold for $1,200.
4. Depreciation of $2,300 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.

Note: Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands.

\begin{tabular}{|c|c|c|} \hline \begin{tabular}{c} SANTANA INDUSTRIES \\ Income Statement \\ For the Year Ended December 31, 2024 \\ ($ in thousands) \end{tabular} & & \\ \hline Sales revenue & $15,650 & \\ \hline Service revenue & 4,800 & \multirow[b]{2}{*}{$20,450} \\ \hline Total revenue & & \\ \hline Operating expenses: & & \\ \hline Cost of goods sold & 7,900 & \\ \hline Selling expense & 3,100 & \\ \hline General and administrative expense & 2,200 & \\ \hline Total operating expenses & & 13,200 \\ \hline Operating income & & 7,250 \\ \hline Interest expense & & 220 \\ \hline Income before income taxes & & 7,030 \\ \hline Income tax expense & & 2,300 \\ \hline Net income & & $4,730 \\ \hline Balance Sheet Information ( $ in thousands) & \begin{tabular}{c} December 31, \\ 2024 \end{tabular} & , December 31 , \\ \hline Assets: & & \\ \hline Cash & $9,000 & $2,830 \\ \hline Accounts receivable & 3,900 & 2,900 \\ \hline Inventory & 5,400 & 3,700 \\ \hline Prepaid rent & 220 & 440 \\ \hline Equipment & 15,900 & 13,400 \\ \hline Less: Accumulated depreciation & (5,800) & (5,200) \\ \hline Total assets & $28,620 & $18,070 \\ \hline Liabilities and Shareholders' Equity: & & \\ \hline Accounts payable & $2,800 & $1,800 \\ \hline Interest payable & 170 & 0 \\ \hline Deferred revenue & 940 & 670 \\ \hline Income taxes payable & 620 & 940 \\ \hline Notes payable (due 12/31/2026 ) & 6,400 & 0 \\ \hline Common stock & 10,700 & 10,700 \\ \hline Retained earnings & 6,990 & 3,960 \\ \hline Total liabilities and shareholders' equity & $28,620 & $18,070 \\ \hline \end{tabular}