Presented below are the 2024 income statement and comparative balance sheets for Santana Industries. SANTANA INDUSTRIES Statement of Cash Flows For the Year Ended December 31, 2024 ( $ in thousands) Cash flows from operating activities: \begin{tabular}{|c|c|} \hline Cash flows from operating activities: & \\ \hline Net income & \\ \hline Adjustments for noncash effects: & \\ \hline Depreciation expense & \\ \hline Changes in operating assets and liabilities & \\ \hline Increase in accounts receivable & \\ \hline Increase in inventory & \\ \hline Decrease in prepaid rent & \\ \hline Increase in accounts payable & \\ \hline Increase in interest payable & \\ \hline Increase in deferred revenue & \\ \hline Decrease in income taxes payable & \\ \hline 2 & \\ \hline & \\ \hline Net cash flows from operating activities & $ \\ \hline Cash flows from investing activities: & \\ \hline Purchase of equipment & \\ \hline Sale of equipment & \\ \hline & \\ \hline Net cash flows from investing activities & 0 \\ \hline Cash flows from financing activities: & \\ \hline \end{tabular} Additional information for the 2024 fiscal year ( $ in thousands): 1. Cash dividends of $1,600 were declared and paid. 2. Equipment costing $5,200 was purchased with cash. 3. Equipment with a book value of $1,100 (cost of $2,700 less. accumulated depreciation of $1,600 ) was sold for $1,100 4 . Depreclation of $2,200 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