The income statement and the cash flows from the operating activities section of the statement of cash flows are provided below for Syntric Company. The merchandise inventory account balance neither increased nor decreased during the reporting period. Syntric had no liability for insurance, deferred income taxes, or interest at any time during the period. $293.2 (157.8) 135.4 SYNTRIC COMPANY Income Statement For the Year Ended December 31, 2021 ($ in thousands) Sales Cost of goods sold Gross margin Salaries expense $44.0 Insurance expense 19.7 Depreciation expense Depletion expense 6.2 Interest expense 13.3 Gains and losses: Gain on sale of equipment LOSS on sale of land Income before tax Income tax expense Net Income Cash Flows from Operating Activities: Cash received from customers Cash paid to suppliers Cash paid to employees Cash paid for interest (97.7) 22.5 (7.5) 52.4 (26.2) 26.2 $ $262.0 (144.0) (38. ) (10.9) $ 293.2 (157.8) (97.7) SYNTRIC COMPANY Income Statement For the Year Ended December 31, 2021 ($ in thousands) Sales Cost of goods sold Gross margin Salaries expense Insurance expense Depreciation expense Depletion expense Interest expense Gains and losses: Gain on sale of equipment Loss on sale of land Income before tax Income tax expense Net Income Cash Flows from Operating Activities: Cash received from customers Cash paid to suppliers Cash paid to employees Cash paid for interest Cash paid for insurance Cash paid for income tax Net cash flows from operating activities 22.5 (7.8) 52.4 26.2 26.2 $ $ 262. (144.0) (10.9) (14.8) $ 40.9 RECONCILIATION OF NET INCOME TO NET CASH FLOWS FROM OPERATING ACTIVITIES Cash flows from operating activities: Adjustments for noncash effects: Changes in operating assets and liabilities: Adjustments for noncash effects: Changes in operating assets and liabilities: Net cash flows from operating activities