Problem $21-4($Static$)$ 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 $ $33$ $ $20$

Accounts receivable $4850$

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

Dividends receivable $32$

Inventory $5550$

Long$-$term investment $1510$

Land $7040$

Buildings and equipment $225250$

Less: Accumulated depreciation $(25)(50)$

$ $420$ $ $369$

Liabilities

Accounts payable $ $13$ $ $20$

Salaries payable $25$

Interest payable $42$

Income tax payable $78$

Notes payable $300$

Bonds payable $9570$

Less: Discount on bonds $(2)(3)$

Shareholders' Equity

Common stock $210200$

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

Retained earnings $4547$

Less: Treasury stock $(8)0$

$ $420$ $ $369$

DUX COMPANY

Income Statement

For the Year Ended December $31,2024$

$($$ in thousands$)$

Revenues

Sales revenue $ $200$

Dividend revenue $3$ $ $203$

Expenses

Cost of goods sold $120$

Salaries expense $25$

Depreciation expense $5$

Bad debt expense $1$

Interest expense $8$

Loss on sale of building $3$

Income tax expense $16178$

Net income $ $25$

Additional information from the accounting records:

A building that originally cost $$40,000,$ and which was three$-$fourths depreciated, was sold for $$7,000.$

The common stock of Byrd Corporation was purchased for $$5,000$ as a long$-$term investment.

Property was acquired by issuing a $13\%,$ seven$-$year, $$30,000$ note payable to the seller.

New equipment was purchased for $$15,000$ cash.

On January $1,2024,$ bonds were sold at their $$25,000$ 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 $$8,000.$

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.