Required Information [The following Information applies to the questions displayed below.] Portions of the financial statements for Parnell Company are provided below. PARNELL COMPANY Income statement For the Year Ended December 31, 2324 ($ in thousands) Revenues and gains: Sales $ 768 Gain on sale of building $ 773 Expenses and loss: Cost of goods sold $ 280 Salaries 116 Insurance 36 Depreciation 119 Interest expense 46 Loss on sale of equipment 610 Income before tax 163 Income tax expense Net income $ 80 PARNELL COMPANY selected Accounts from Comparative Balance Sheets December 31, 2024 and 2023 ($ in thousands) Year 2324 2323 Change Cash $ 130 $ 134 $ 26 Accounts receivable 320 226 Inventory 325 421 96) Prepaid insurance 84 (14) Accounts payable 286 121 85 Salaries payable 110 97 13 Deferred tax liability 68 56 12 Bond discount 182 224 (22) Required: 1. Prepare the cash flows from operating activities section of the statement of cash flows for Parnell Company using 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.Cash Flows from Operating Activities: Net cash flows from operating activities SRequired: 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. Cash Flows from Operating Activities: Adjustments for noncash effects: Changes in operating assets and liabilities: Net cash flows from operating activities S