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, Bewer's Corporation Comparative Balance Sheets December 31, 20x2 and 20x1 (5 in thousands) 20x2 20x1 8:01 Assets Cash Alcounts receivable Short-term investnent Inventory Land Buildings and equipment Less Accumulated depreciation $ 1935 75 116 120 55 26 118 115 86 105 630 490 (169) (120) $939 811 $ $ 44 35 3 3 9 Liabilities Accounts payable Salarios payable Interest payable Income tax payable Notes payable Bonds payable Shareholders' Equity Common stock Paintin capital excess of par Martind warnings 6 12 28 190 246 290 330 173 135 90 $ Bars Corporation Tncostant For Year End December 11, 202 Sred Help Save & Exit Submi Bows Corporation Incon Statement For Year Ended December 31, 22 5. in thousands) Heves $ 520 Espense: Cost of goods sold Salaries Depreciation expert Interest sale of land Inc taxe het in $ 230 73 49 15 6 40 Hint For purposes of the statement of cash flows, loss on sale of land is reared in a manner similar to depreciation expense. Both are non-cash items. Additional information from the accounting records a Land that originally cost $19.000 was sold for $15,000 b. The common stock of awkeye Company was purchased for $29.000 as a short-term investment not classified as a cash equivalent New equipment was purchased for $140.000 cash UN $28.000 note was paid at maturity on January 1 On January 1, 20x2. bonds were sold at their $56.000 face value Common stock 1540,000 par) was sold for $68.000 Net income was $90,000 and cash dividends of $45.000 were paid to shareholders Inventory purchases are on Credit and all debits to accounts payable reflect cash payments for inventory Reguires yone w UUDIO CUIVRHUS U 20.WOU WCIC POWERDICES 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 (ie., 10,000 should be entered as 10).) 52 Bowers Corporation Statement of Cash Flow For the year ended December 31, 20x2 15 in thousands) Cash flows from operating activities Gashow From customers $ Cathoucos 520 Not cash Nows from openings Casti Bowstring the 520 $ 520 Net cash flows from operating activities Cash flows from investing activities: 0 0 Net cash flows from investing activities Cash flows from financing activities 0 0 Net cash flows from financing activities Net increase (decrease) in cash Cash balance, January 1 Cash balance, December 31 GA 0