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Problem 21-5 (Algo) Statement of cash flows; direct method [LO21-3, 21-8] Comparative balance sheets for 2024 and 2023 and a statement of income for 2024
Problem 21-5 (Algo) Statement of cash flows; direct method [LO21-3, 21-8] Comparative balance sheets for 2024 and 2023 and a statement of income for 2024 are given below for Metagrobolize Industries. Additional information from the accounting records of Metagrobolize also is provided. Additional information from the accounting records: a. Annual payments of $20,000 on the finance lease liability are paid each January 1 , beginning in 2024 . b. During 2024 , equipment with a cost of $720,000 (90\% depreciated) was sold. c. The statement of shareholders' equity reveals reductions of $245,000 and $350,000 for stock dividends and cash dividends, respectively. Required: Prepare the statement of cash flows of Metagrobolize for the year ended December 31, 2024. Present cash flows from operating activities by the direct method. Note: 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
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