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The comparative balance sheets for 2024 and 2023 and the statement of income for 2024 are given below for Dux Company. Additional information from Duxs

The comparative balance sheets for 2024 and 2023 and the statement of income for 2024 are given below for Dux Company. Additional information from Duxs accounting records is provided also.

DUX COMPANY
Comparative Balance Sheets
December 31, 2024 and 2023
($ in thousands)
2024 2023
Assets
Cash $ 153.0 $ 40.0
Accounts receivable 68.0 70.0
Less: Allowance for uncollectible accounts (5.0) (4.0)
Dividends receivable 23.0 22.0
Inventory 75.0 70.0
Long-term investment 35.0 30.0
Land 90.0 40.0
Buildings and equipment 145.0 270.0
Less: Accumulated depreciation (1.0) (150.0)
$ 583.0 $ 388.0
Liabilities
Accounts payable $ 33.0 $ 40.0
Salaries payable 22.0 25.0
Interest payable 24.0 22.0
Income tax payable 27.0 28.0
Notes payable 50.0 0
Bonds payable 87.0 42.0
Less: Discount on bonds (2.0) (3.0)
Shareholders' Equity
Common stock 210.0 200.0
Paid-in capitalexcess of par 24.0 20.0
Retained earnings 116.0 14.0
Less: Treasury stock (8.0) 0
$ 583.0 $ 388.0
DUX COMPANY
Income Statement
For the Year Ended December 31, 2024
($ in thousands)
Revenues
Sales revenue $ 500.0
Dividend revenue 23.0 $ 523.0
Expenses
Cost of goods sold 160.0
Salaries expense 65.0
Depreciation expense 1.0
Bad debt expense 1.0
Interest expense 48.0
Loss on sale of building 43.0
Income tax expense 56.0 374.0
Net income $ 149.0

Additional information from the accounting records:

A building that originally cost $200,000, and which was three-fourths depreciated, was sold for $7,000.

The common stock of Byrd Corporation was purchased for $5,000 as a long-term investment.

Property was acquired by issuing a 13%, seven-year, $50,000 note payable to the seller.

New equipment was purchased for $75,000 cash.

On January 1, 2024, bonds were sold at their $45,000 face value.

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.

Cash dividends of $33,000 were paid to shareholders.

On November 12, 12,500 shares of common stock were repurchased as treasury stock at a cost of $8,000.

Required:

Prepare the statement of cash flows for Dux Company using the indirect method.

*Bad debt expense is not an option*

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