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 Total revenue Operating expenses: Cost of goods sold Selling expense General and administrative expense Total operating expenses Operating income Interest expense Income before income taxes Income tax expense $ 15,050 4,200 $ 19,250 7,600 2,800 1,900 12,300 6,950 190 6,760 2,000 Net income Balance Sheet Information ($ in thousands) Assets: Cash Accounts receivable $ 4,760 December 31, December 31, 2024 $ 8,700 3,300 4,800 2023 $ 2,560 2,600 3,400 Inventory Prepaid rent Equipment Less: 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 Total liabilities and shareholders' equity Additional information for the 2024 fiscal year ($ in thousands): 1. Cash dividends of $1,400 were declared and paid. 2. Equipment costing $4,800 was purchased with cash. 190 380 15,300 (5,500) 12,800 (4,900) $ 26,790 $ 16,840 $ 2,200 $ 1,500 140 0 880 640 590 880 5,800 0 10,400 6,780 10,400 3,420 $ 26,790 $ 16,840 3. Equipment with a book value of $900 (cost of $2,300 less accumulated depreciation of $1,400) was sold for $900. 4. Depreciation of $2,000 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 sian. Enter your answers in thousands.