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	$ 15,850
Service revenue	5,000
Total revenue		$ 20,850
Operating expenses:
Cost of goods sold	8,000
Selling expense	3,200
General and administrative expense	2,300
Total operating expenses		13,500
Operating income		7,350
Interest expense		230
Income before income taxes		7,120
Income tax expense		2,400
Net income		$ 4,720

Balance Sheet Information ($ in thousands)	December 31, 2024	December 31, 2023
Assets:
Cash	$ 9,100	$ 2,920
Accounts receivable	4,100	3,000
Inventory	5,600	3,800
Prepaid rent	230	460
Equipment	16,100	13,600
Less: Accumulated depreciation	(5,900)	(5,300)
Total assets	$ 29,230	$ 18,480
Liabilities and Shareholders Equity:
Accounts payable	$ 3,000	$ 1,900
Interest payable	180	0
Deferred revenue	960	680
Income taxes payable	630	960
Notes payable (due 12/31/2026)	6,600	0
Common stock	10,800	10,800
Retained earnings	7,060	4,140
Total liabilities and shareholders' equity	$ 29,230	$ 18,480

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

Cash dividends of $1,800 were declared and paid.

Equipment costing $5,600 was purchased with cash.

Equipment with a book value of $1,300 (cost of $3,100 less accumulated depreciation of $1,800) was sold for $1,300.

Depreciation of $2,400 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.