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 Service revenue Operating expenses: Total revenue Cost of goods sold Selling expense General and administrative expense Total operating expenses Operating income Interest expense Income before income taxes Income tax expense Net income $ 16,850 6,000 $ 22,850 8,500 3,700 2,800 15,000 7,850 280 7,570 2,900 $ 4,670 Balance Sheet Information (5 in thousands) Assets: Cash Accounts receivable Inventory Prepaid rent Equipment Lens: Accumulated depreciation Total assets Liabilities and Shareholders' Equity: Accounts payable Interest payable Deferred revenue Income taxes payable Notes payable (due 12/31/2026) Common stock Retained earnings December 31, 2024 $ 9,600 5,100 6.600 280 17,100 (6,400) $ 32,280 $ 4,000 230 1,060 680 7,600 11,300 7,410 December 31, 2023 $ 3,370 3,500 4,300 560 14,600 (5,800) $ 20,530 $ 2,400 0 730 1,060 0 11,300 5,040 Total liabilities and shareholders' equity $ 32,280 $ 20,530 Additional information for the 2024 fiscal year ($ in thousands): 1. Cash dividends of $2,300 were declared and paid. 2. Equipment costing $6,600 was purchased with cash. 3. Equipment with a book value of $1,800 (cost of $4,100 less accumulated depreciation of $2,300) was sold for $1,800. 4. Depreciation of $2,900 is included in operating expenses. Required: Prepare Santana Industries' 2024 statement of cash flows, using the indirect method to present cash flows from operating activities. Note: Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands. SANTANA INDUSTRIES Statement of Cash Flows For the Year Ended December 31, 2024 Cash flows from operating activities: Adjustments for noncash effects: ($ in thousands) Changes in operating assets and liabilities: Net cash flows from operating activities $ 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 0 0 0 $ 0