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.

Bowers Corporation Comparative Balance Sheets December 31, 20x2 and 20x1 ($ in thousands)
	20x2				20x1
Assets
Cash	$	72			$	35
Accounts receivable		79				80
Short-term investment		30				10
Inventory		79				75
Land		54				65
Buildings and equipment		510				410
Less: Accumulated depreciation		(121	)			(80	)
	$	703				595
Liabilities
Accounts payable	$	27			$	36
Salaries payable		4				6
Interest payable		5				2
Income tax payable		6				10
Notes payable		0				20
Bonds payable		150				110
Shareholders Equity
Common stock		250				210
Paid-in capitalexcess of par		145				105
Retained earnings		116				96
	$	703			$	595

Bowers Corporation Income Statement For Year Ended December 31, 20x2 ($ in thousands)
Revenues:
Sales revenue				$	350
Expenses:
Cost of goods sold	$	140
Salaries expense		53
Depreciation expense		41
Interest expense		10
Loss on sale of land		6
Income tax expense		50			300
Net income				$	50

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:

Land that originally cost $11,000 was sold for $5,000.

The common stock of Hawkeye Company was purchased for $20,000 as a short-term investment not classified as a cash equivalent.

New equipment was purchased for $100,000 cash.

A $20,000 note was paid at maturity on January 1.

On January 1, 20x2, bonds were sold at their $40,000 face value.

Common stock ($40,000 par) was sold for $80,000.

Net income was $50,000 and cash dividends of $30,000 were paid to shareholders.

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 (i.e., 10,000 should be entered as 10).)