Problem 21-5 (Algo) Statement of cash flows; direct method (LO21-3, 21-8) Comparative balance sheets for 2021 and 2020 and a statement of income for 2021 are given below for Metagrobolize Industries. Additional information from the accounting records of Metagrobolize also is provided. METAGROBOLIZE INDUSTRIES Comparative Balance Sheets December 31, 2021 and 2020 ($ in thousands) 2021 2020 $ $ 540 670 820 285 350 430 Cee 57e Cash Accounts receivable Inventory Land Building Less: Accumulated depreciation Equipment Less: Accumulated depreciation Patent (220) 3, 110 (250) 3,300 (481) 1.600 $7,699 1. Bee $6.785 $ $ 920 310 130 728 250 Liabilities Accounts payable Accrued liabilities Lease liability-land Shareholders' Equity Common stock Paid-in capital-excess of par Retained earnings 3,640 550 2,149 $ 7,699 3.500 460 1.855 $6,785 METAGROBOLIZE INDUSTRIES Income Statement For the Year Ended December 31, 2021 ($ in thousands) Revenues Sales revenue $3,152 Gain on sale of land 70 $3,222 Expenses Cost of goods sold $1,120 Depreciation expense-building 30 Depreciation expense equipnent Loss on sale of equipment Amortization of patent Operating expenses 350 2.333 Net Income 608 Additional information from the accounting records: a. Annual payments of $20,000 on the finance lease liability are paid each January 1, beginning in 2021. b. During 2021, equipment with a cost of $630,000 (90% depreciated) was sold. c. The statement of shareholders' equity reveals reductions of $230,000 and $365,000 for stock dividends and cash dividends, respectively Required: Prepare the statement of cash flows of Metagrobolize for the year ended December 31, 2021. Present cash flows from operating activities by the direct method. (Enter your answers in thousands (ie.. 10,000 should be entered as 10). Amounts to be deducted should be indicated with a minus sign.) METAGROBOLIZE INDUSTRIES Statement of Cash Flows For the year ended December 31, 2021 ($ in thousands) Cash flows from operating activities: Cash inflows: Cash outflows: S 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 (decrease) in cash Cash balance, January 1