The comparative balance sheets for 2011 and 2010 and the statement of income for 2011 are given below for Metagrobolize Industries. Additional information from Metagrobolize's accounting records is provided also.

Additional information from the accounting records:
a. During 2011, equipment with a cost of $290,000 (90% depreciated) was sold.
b. The statement of retained earnings reveals reductions of $240,000 and $455,000 for stock dividends and cash dividends, respectively.

Required:
Prepare the statement of cash flows of Metagrobolize for the year ended December 31, 2011. Present cash flows from operating activities by the direct method. (You may omit the schedule to reconcile net income to cash flows from operating activities.) (Enter your answers in thousands. Amounts to be deducted should be indicated with a minus sign. Omit the "$" sign in your response.)

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METAGROBOLIZE INDUSTRIES Comparative Balance Sheets December 31, 2011 and 2010 (S in 000s) $2,011.00 S2,010.00 Assets Cash Accounts receivable Inventory S525.00 S685.00 $840.00 S695.00 $950.00 S317.00 $2,870.00 S534.00 $1,200.00 $6,914.00 S375.00 $465.00 S520.00 S615.00 $950.00 $285.00 S2,250.00 S480.00 S1,500.00 S5,910.00 an Building Less: Accumulated depreciati on Equipment Less: Accumulated depreciati on Patent Liabilities Accounts payable Accrued expenses payable Lease liability-land $750.00 S300.00 $150.00 S450.00 S225.00 S0.00 Shareholders' Equity Common stock Pai d-in capital-excess of par Retained earnings S3,150.00 $765.00 S1,799.00 S6,914.00 S3,000.00 $675.00 $1,560.00 $5,910.00 METAGROBOLIZE INDUSTRIES Income Statement For Y ear Ended December 31, 2011 (S in 000s) Revenues S2,595.00 S90.00 Sales revenue Gain on sale of land S2,685.00 Expenses $589.00 S32.00 $315.00 S15.00 $300.00 $500.00 Cost of goods sold epreciation expense buil ding Depreciation expense equipm ent Loss on sale of equipment Amortization of patent Operating expenses $1,751.00 $934.00 Net income