! Required information [The following information applies to the questions displayed below.] Portions of the financial...

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! Required information [The following information applies to the questions displayed below.] Portions of the financial statements for Parnell Company are provided below. Revenues and gains: Sales PARNELL COMPANY Income Statement For the Year Ended December 31, 2024 Gain on sale of building Expenses and loss: Cost of goods sold ($ in thousands) $ 720 11 $ 731 $ 260 Salaries Insurance Depreciation Interest expense Loss on sale of equipment Income before tax Income tax expense Net income PARNELL COMPANY 112 32 115 42 10 571 160 80 $ 80 Selected Accounts from Comparative Balance Sheets December 31, 2024 and 2023 ($ in thousands) Cash Accounts receivable Inventory Prepaid insurance Accounts payable Salaries payable Deferred tax liability Bond discount Year 2024 $ 126 2023 Change $ 108 $ 18 316 224 92 329 417 (88) 69 80 (11) 202 125 77 118 101 17 76 60 16 180 208 (28) Required: 2. Prepare the cash flows from operating activities section of the statement of cash flows for Parnell Company using the indirect 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. ! Required information [The following information applies to the questions displayed below.] Portions of the financial statements for Parnell Company are provided below. Revenues and gains: Sales PARNELL COMPANY Income Statement For the Year Ended December 31, 2024 Gain on sale of building Expenses and loss: Cost of goods sold ($ in thousands) $ 720 11 $ 731 $ 260 Salaries Insurance Depreciation Interest expense Loss on sale of equipment Income before tax Income tax expense Net income PARNELL COMPANY 112 32 115 42 10 571 160 80 $ 80 Selected Accounts from Comparative Balance Sheets December 31, 2024 and 2023 ($ in thousands) Cash Accounts receivable Inventory Prepaid insurance Accounts payable Salaries payable Deferred tax liability Bond discount Year 2024 $ 126 2023 Change $ 108 $ 18 316 224 92 329 417 (88) 69 80 (11) 202 125 77 118 101 17 76 60 16 180 208 (28) Required: 2. Prepare the cash flows from operating activities section of the statement of cash flows for Parnell Company using the indirect 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.