The comparative balance sheets for 20x2 and 20x1 and the income statement for 20x2 are given below for Bowers Corporaion. Additional information from Bowers' accounting records is also provided. 20x1 Bowers Corporation Comparative Balance Sheets December 31, 20x2 and 20x1 ($ in thousands) 20x2 Assets Cash $ 121 Accounts receivable 148 Short-term investment 53 Inventory 148 Land 110 Buildings and equipment 725 Less: Accumulated depreciation (205) $1,100 Liabilities Accounts payable $ 42 Salaries payable 4 Interest payable 9 Income tax payable 9 Notes payable 0 Bonds payable 320 Shareholders' Equity Common stock 420 Paid-in capital-excess of par 195 Retained earnings 101 $1,100 $ 105 150 18 145 135 550 (150) 953 $ 50 8 7 12 35 250 350 175 66 $ 953 Bowers Corporation Income Statement For Year Ended December 31, 20x2 ($ in thousands) Revenues : Sales revenue $ 620 Expenses : Cost of goods sold $ 280 Salaries expense 88 Depreciation expense 55 Interest expense 18 Loss on sale of land 5 Income tax expense 94 540 Net income $ 80 Hint: For purposes of the statement of cash flows, loss on sale of land is treated in a manner similar to depreciation expense. Both are non-cash items. Additional information from the accounting records: a. Land that originally cost $25,000 was sold for $20,000. b. The common stock of Hawkeye Company was purchased for $35,000 as a short-term investment not classified as a cash equivalent. c. New equipment was purchased for $175,000 cash. d. A $35,000 note was paid at maturity on January 1. e. On January 1, 20x2, bonds were sold at their $70,000 face value. f. Common stock ($70,000 par) was sold for $90,000. g. Net income was $80,000 and cash dividends of $45,000 were paid to shareholders. h. All inventory purchases are on credit and all debits to accounts payable reflect cash payments for inventory. Required: Prepare the statement of cash flows for Bowers Corporation for the year ended December 31, 20x2. Present cash flows from operating activities using the direct method. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands (.e., 10,000 should be entered as 10). Bowers Corporation Statement of Cash Flows For the year ended December 31, 20x2 is in thousands) Cash flows from operating activities Calows: Coah otows: 0 Nor cash flows from operating Cash flows from investing activities 0 Ner cash Rows from investing activities Cash flows from financing activities Ner cash Rows from friencing activities Not incredere in cash Cash balance, January 1 Cash balance December 31 $