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

($ in thousands)

2021 2020

Assets

Cash $390 $170

Accounts receivable 370 200

Inventory 520 355 Land 525 500

Building 900 900

Less: Accumulated depreciation (250) (225)

Equipment 2,550 2,210

Less: Accumulateddepreciation (346) (320)

Patent 1,100 1,300

$5,759 $5,090

Liabilities

Accounts payable $620 $470

Accrued liabilities 160 130

Lease liability?land 130 0

Shareholders' Equity

Common stock 3,120 3,000

Paid-in capital?excess of par 750 715

Retained earnings 979 775

$5,759 $5,090

METAGROBOLIZE INDUSTRIES

Income Statement

For the Year Ended December 31, 2021

($ in thousands)

Revenues

Sales revenue $2,512

Gain on sale of land 35 $2,547

Expenses

Cost of goods sold 820

Depreciation expense?building 25

Depreciation expense?equipment 188

Loss on sale of equipment 15

Amortization of patent 200

Operating expenses 500 1,748

Net income $799

Additional information from the accounting records:

1. Annual payments of $20,000 on the finance lease liability are paid each January 1, beginning in 2021.
2. During 2021, equipment with a cost of $180,000 (90% depreciated) was sold.
3. The statement of shareholders' equity reveals reductions of $155,000 and $440,000 for stock dividends and cash dividends, respectively.

List

Show the statement of cash flows for Metagrobolize Industries using theindirect method.(Enter your answers in thousands (i.e., 10,000 should be entered as 10).) Amounts to be deducted should be indicated with a minus sign.)

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