Comparative balance sheets for 2021 and 2020 and a statement of Income for 2021 are given below for Metagrobolize Industries Additional Information from the accounting records of Metagrobolize also is provided. METAGROBOLIZE INDUSTRIES Comparative Balance Sheets December 31, 2021 and 2020 (5 in thousands) Assets Cash Accounts receivable Inventory Land Building Less: Accumulated depreciation Equipeent Less: Accumulated depreciation Patent 2021 2020 $ 580 $ 375 600. 450 900 525 675 600 900 900 (300) (270) 2,850 2,250 (525) (480) 1,200 1,500 $ 6,880 $5,850 Liabilities Accounts payable $ 750 $ 450 Accrued liabilities Lease liability-land 300 130 225 Shareholders' Equity: Common stock 3,150 3,000 Paid-in capital-excess of par 750 Retained earnings 1,800 675 1,500 $6,880 $5,850 METAGROBOLIZE INDUSTRIES Income Statesent bok ences Revenues METAGROBOLIZE INDUSTRIES Income Statement For the Year Ended December 31, 2021 ($ in thousands) Sales revenue Gain on sale of land Expenses Cost of goods sold Depreciation expense-building Depreciation expense-equipment Loss on sale of equipment Amortization of patent Operating expenses Net income $2,645 98 $2,735 600 38 315 15 See 1,760 $975 Additional information from the accounting records a. Annual payments of $20,000 on the finance lease liability are paid each January 1, beginning in 2021. b. During 2021, equipment with a cost of $300,000 (90% depreciated) was sold. c. The statement of shareholders' equity reveals reductions of $225,000 and $450,000 for stock dividends and cash dividends. respectively. Required: Prepare the statement of cash flows for Metagrobolize industries using the indirect method. (Amounts to be deducted should be Indicated with a minus sign. Enter your answers in thousands (I.e., 10,000 should be entered as 10).) METAGROBOLIZE INDUSTRIES Statement of Cash Flows For year ended December 31, 2021 ces Statement of Cash Flows For year ended December 31, 2021 Cash flows from operating activities: Net income Adjustments for noncash effects ($ in 000s) Changes in operating assets and liabilities: Net cash flows from operating activities Cash flows from investing activities: Net cash flows from investing activities Cash flows from financing activities: < Prev 7 of 7 Next