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, 2021 (s in thousands) Revenues and gains: Sales $ 889 Gain on sale of building 10 $ 890 Expenses and loss: Cost of goods sold $340 Salaries 128 Insurance 48 Depreciation 131 Interest expense 58 Loss on sale of equipment 13 718 Income before tax 172 Income tax expense 86 Net income $ 86 PARNELL COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2021 and 2020 (s in thousands) Year 2021 2028 Cash $ 150 $ 92 Accounts receivable 340 208 Inventory 313 441 Prepaid insurance 58 104 Accounts payable 226 109 Salaries payable 118 85 Deferred tax liability 76 60 Bond discount 182 216 Change $ 58 132 (128) (46) 117 33 16 (34) Required: 1. Prepare the cash flows from operating activities section of the statement of cash flows for Parnell Company using the direct method. (Enter your answers in thousands (l.e., 10,000 should be entered os 10). Amounts to be deducted should be indicated with a minus sign.) Cash Flows from Operating Activities Net cash flows from operating activities Required: 2. Prepare the cash flows from operating activities section of the statement of cash flows for Parnell Company using the indirect method. (Enter your answers in thousands (1.e. 10,000 should be entered os 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 abilities Net cash flows from operating activities $ 0