Presented below are the 2024 income statement and comparative balance sheets for Santana Industries.

Additional information for the 2024 fiscal year ($ in thousands):
1. Cash dividends of $1,000 were declared and paid.
2. Equipment costing $4,000 was purchased with cash.
3. Equipment with a book value of $500 (cost of $1,500 less accumulated depreciation of $1,000) was sold for $500.
4. Depreciation of $1,600 is included in operating expenses.

Required:
Prepare Santana Industries’ 2024 statement of cash flows, using the indirect method to present cash flows from operating activities. 

SANTANA INDUSTRIES Income Statement For the Year Ended December 31, 2024 ($ in thousands) $14,250 3,400 7,200 2,400 1,500 Sales revenue Service revenue Total revenue Operating expenses: Cost of goods sold Selling expense General and administrative expense Total operating expenses Operating income Interest expense Income before income taxes Income tax expense Net income $17,650 11,100 6,550 150 6,400 1,600 $ 4,800