Problem $16-7$A Preparing the statement of cash flows $($indirect method$)$ LO$5,6$CHECK FIGURE: Net cash outflows from investing activities $=$ $$160($thousand$)$Paddleboard Inc. began operations on January $1,2022.$ Its post$-$closing trial balance at December $31,2022$ and $2023,$ is shown below along with some other information.Paddleboard Inc.Income StatementFor Year Ended December $31,2023(000$s$)$Revenues:Sales...Cost of goods soldGross profit...Expenses:Other expenses..Depreciation expense...Total operating expenses.Profit from operations...Income tax expense...Profit.$\mathrm{.}3,7841,5362,248880809601,2882881,000$Paddleboard Inc.Post$-$Closing Trial Balance $(000$s$)$December $3120232022$Account$$2,880$$$1,840$Cash.$\mathrm{.}2,8002,080$Receivables $.\mathrm{.}2,5603\mathrm{.}040$Merchandise inventory...$\mathrm{.}3,0402,720$Property, plant, and equipment$\mathrm{.}1,9201,840$Accumulated depreciation..$\mathrm{.}2,0802\mathrm{.}240$Investments $...\mathrm{.}1,9201,440$Accounts payable.$\mathrm{.}320480$Accrued liabilities$\mathrm{.}2,2402,400$Bonds payable...$\mathrm{.}3,0402,720$Common shares....Retained earnings.$\mathrm{.}3,9203,040$ Other information regarding Paddleboard Inc. and its activities during $2023$:$1.$ Assume all accounts have normal balances$\mathrm{.}2.$ Cash dividends were declared and paid during the year$\mathrm{.}3.$ There were no sales of property, plant, and equipment assets during the year$\mathrm{.}4.$ Investments were sold for cash at their original cost.Required Using the information provided, prepare a statement of cash flows $($applying the indirect method$)$ for the year ended December $31,2023.$