The comparative balance sheets for 2021 and 2020 and the statement of income for 2021 are given below for Dux Company. Additional information from Dux's accounting records is provided also. DUX COMPANY Comparative Balance Sheets December 31, 2021 and 2020 ($ in thousands) 2021 2020 $ 87 43 (5) $ 32 63 (4) Assets Cash Accounts receivable Less: Allowance for uncollectible accounts Dividends receivable Inventory Long-term investment Land Buildings and equipment Less: Accumulated depreciation 60 34 45 270 270 (60) $ 516 $ 440 $ $ 48 22 5 10 12 15 Liabilities Accounts payable Salaries payable Interest payable Income tax payable Notes payable Bonds payable Less: Discount on bonds Shareholders' Equity Common stock Paid-in capital-excess of par Retained earnings Less: Treasury stock 105 (2) 80 (3) 210 200 20 128 73 (7) $ 516 $ 440 Income Statement For the Year Ended December 31, 2021 ($ in thousands) Revenues Sales revenue $320 Dividend revenue 6 $ 326 Expenses Cost of goods sold 180 Salaries expense Depreciation expense Bad debt expense Interest expense Loss on sale of building Income tax expense 24 243 Net income $ 83 IAVACON Additional information from the accounting records: a. A building that originally cost $36,000, and which was three-fourths depreciated, was sold for $8.000. b. The common stock of Byrd Corporation was purchased for $2,000 as a long-term investment. c. Property was acquired by issuing a 15%, seven-year, $15,000 note payable to the seller. d. New equipment was purchased for $36,000 cash. e. On January 1, 2021, bonds were sold at their $25,000 face value. f. On January 19, Dux issued a 5% stock dividend (1,000 shares). The market price of the $10 par value common stock was $14 per share at that time. g. Cash dividends of $14,000 were paid to shareholders h. On November 12, 500 shares of common stock were repurchased as treasury stock at a cost of $7,000. Required: Prepare the statement of cash flows of Dux Company for the year ended December 31, 2021. Present cash flows from operating activities by the direct method. (Do not round your intermediate calculations. Enter your answers in thousands (i.e., 10,000 should T. d.nn.AA)...A.nrnrn .thn. .... dahool.anandal... nadal.carita. inn. DUX COMPANY Statement of Cash Flows For the year ended December 31, 2021 (S in thousands) Cash flows from operating activities: Cash inflows: From customers $ 341 x Cash outflows: To employees Sale of bonds payable For interest For income taxes (211) X (25) > (3) X (26) $ 76 Net cash flows from operating activities Cash flows from investing activities: Sale of building Purchase of treasury stock Purchase of equipment From dividends received Acquired land 8 (2) (36) 5 (15) X (40) Net cash flows from investing activities Cash flows from financing activities: Sale of bonds payable Payment of dividends Purchase of treasury stock Purchase of long-term investment 26 X (14) (7) 14 x Net cash flows from financing activities Net increase (decrease) in cash Cash balance, January 1 Cash balance, December 31 Noncash investing and financing activities: Cash balance, December 31 $ 87 X
