Problem 21-16 (Algo) Statement of cash flows; Indirect method [LO21-4, 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, 2824 and 2023 ($ in thousands) 2824 2823 Assets Cash Accounts receivable Less: Allowance for uncollectible accounts Dividends receivable $111.0 61.0 $ 33.0 63.0 (6.0) (5.0) 16.0 15.0 Inventory Long-term investment Land 68.0 63.0 28.0 23.0 83.0 40.0 Buildings and equipment Less: Accumulated depreciation 173.0 263.0 (9.0) (115.0) $525.0 $ 380.0 Liabilities Accounts payable Salaries payable $ 26.8 $ 33.0 15.0 18.0 Interest payable 17.0 15.0 Income tax payable 20.0 21.0 Notes payable 43.0 Bonds payable 94.0 56.0 Less: Discount on bonds (2.0) (3.0) Shareholders' Equity Common stock 210.0 200.0 Paid-in capital-excess of par 24.0 20.0 Retained earnings 86.0 20.0 Less: Treasury stock (8.0) $525.0 $ 380.0 Revenues DUX COMPANY Income Statement For the Year Ended December 31, 2824 ($ in thousands) Sales revenue Dividend revenue Expenses $395.0 16.0 $ 411.0 Cost of goods sold 146.0 Salaries expense 51.0 Depreciation expense 2.0 Bad debt expense 1.0 Interest expense 34.0 Loss on sale of building 29.0 Incore tax expense 42.0 Net income 305.0 $ 186.0 Additional Information from the accounting records: a. A building that originally cost $144,000, and which was three-fourths depreciated, was sold for $7,000. b. The common stock of Byrd Corporation was purchased for $5,000 as a long-term Investment. c. Property was acquired by Issuing a 13%, seven-year, $43,000 note payable to the seller. d. New equipment was purchased for $54,000 cash. e. On January 1, 2024, bonds were sold at their $38,000 face value. f. 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. g. Cash dividends of $26,000 were paid to shareholders. h. On November 12, 12,500 shares of common stock were repurchased as treasury stock at a cost of $8,000. Required: Prepare the statement of cash flows for Dux Company using the Indirect method. Note: Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands (l.e., 10,000 should be entered as 10). Required: Prepare the statement of cash flows for Dux Company using the Indirect method. Note: Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands (l.e., 10,000 should be entered as 10). DUX COMPANY Statement of Cash Flows For year ended December 31, 2024 ($ In 0008) Cash flows from operating activities: Net income Adjustments for noncash effects: Depreciation expense Payment of dividends Loss on sale of building Changes in operating assets and liables Net cash flows from operating activities Cash flows from investing activities: Net cash flows from investing activities Cash flows from financing activities: Net cash flows from financing activities Net increase in cash Cash balance, January 1 Cash balance, December 31 Noncash investing and financing activities: $ 0 0 0 0