Problem $21-4($Algo$)$ Statement of cash flows; direct method $[$LO$21-3,21-8]$

The comparative balance sheets for $2024$ and $2023$ and the statement of income for $2024$ are given below for Dux Company. Additional information from Dux's accounting records is provided also.

DUX COMPANY

Comparative Balance Sheets

December $31,2024$ and $2023$

$($$ in thousands$)$

$20242023$

Assets

Cash $ $94$ $ $31$

Accounts receivable $3761$

Less: Allowance for uncollectible accounts $(4)(3)$

Dividends receivable $54$

Inventory $5550$

Long$-$term investment $3532$

Land $5040$

Buildings and equipment $263260$

Less: Accumulated depreciation $(35)(50)$

$ $500$ $ $425$

Liabilities

Accounts payable $ $21$ $ $39$

Salaries payable $57$

Interest payable $115$

Income tax payable $911$

Notes payable $100$

Bonds payable $9575$

Less: Discount on bonds $(1)(2)$

Shareholders' Equity

Common stock $210200$

Paid$-$in capital$$excess of par $2420$

Retained earnings $12170$

Less: Treasury stock $(5)0$

$ $500$ $ $425$

DUX COMPANY

Income Statement

For the Year Ended December $31,2024$

$($$ in thousands$)$

Revenues

Sales revenue $ $310$

Dividend revenue $5$ $ $315$

Expenses

Cost of goods sold $175$

Salaries expense $20$

Depreciation expense $9$

Bad debt expense $1$

Interest expense $9$

Loss on sale of building $1$

Income tax expense $22237$

Net income $ $78$

Additional information from the accounting records:

A building that originally cost $$32,000,$ and which was three$-$fourths depreciated, was sold for $$7,000.$

The common stock of Byrd Corporation was purchased for $$3,000$ as a long$-$term investment.

Property was acquired by issuing a $14\%,$ seven$-$year, $$10,000$ note payable to the seller.

New equipment was purchased for $$35,000$ cash.

On January $1,2024,$ bonds were sold at their $$20,000$ face value.

On January $19,$ Dux issued a $5\%$ stock dividend $(1,000$ shares$).$ The market price of the $$10$ par value common stock was $$14$ per share at that time.

Cash dividends of $$13,000$ were paid to shareholders.

On November $12,500$ shares of common stock were repurchased as treasury stock at a cost of $$5,000.$

Required:

Prepare the statement of cash flows of Dux Company for the year ended December $31,2024.$ Present cash flows from operating activities by the direct method.

Note: Do not round your intermediate calculations. Enter your answers in thousands $($i$.$e$.,10,000$ should be entered as $10).$ Amounts to be deducted should be indicated with a minus sign.