Question: Comparative balance sheets for 2013 and 2012 and a statement of income for 2013 are given below for Metagrobolize Industries. Additional information from Metagrobolize's accounting

Comparative balance sheets for 2013 and 2012 and a statement of income for 2013 are given below for Metagrobolize Industries. Additional information from Metagrobolize's accounting records is provided also.

METAGROBOLIZE INDUSTRIES Comparative Balance Sheets December 31, 2013 and 2012 ($ in 000s)
2013 2012
Assets
Cash $ 570 $ 340
Accounts receivable 690 360
Inventory 840 435
Land 650 600
Building 900 900
Less: Accumulated depreciation (300) (265)
Equipment 3,350 3,170
Less: Accumulated depreciation (502) (460)
Patent 1,700 1,950
$ 7,898 $ 7,030
Liabilities
Accounts payable $ 940 $ 790
Accrued expenses payable 320 255
Lease liabilityland 150 0
Shareholders' Equity
Common stock 3,660 3,500
Paid-in capitalexcess of par 800 725
Retained earnings 2,028 1,760
$ 7,898 $ 7,030

METAGROBOLIZE INDUSTRIES Income Statement For the Year Ended December 31, 2013 ($ in 000s)
Revenues
Sales revenue $ 3,224
Gain on sale of land 75 $ 3,299
Expenses
Cost of goods sold $ 1,140
Depreciation expensebuilding 35
Depreciation expenseequipment 636
Loss on sale of equipment 25
Amortization of patent 250
Operating expenses $ 350 2,436
Net income $ 863

Additional information from the accounting records:
a. During 2013, equipment with a cost of $660,000 (90% depreciated) was sold.
b.

The statement of shareholders equity reveals reductions of $235,000 and $360,000 for stock dividends and cash dividends, respectively.

c. The land leased during the year is classified as an asset by the company.

Required:

Prepare the statement of cash flows for Metagrobolize Industries using the indirect method. (Enter your answers in thousands. Amounts to be deducted should be indicated with a minus sign.)

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