Item$7$ eBook Item $7$ Comparative balance sheets for $2024$ and $2023$ and a statement of income for $2024$ are given below for Metagrobolize Industries. Additional information from the accounting records of Metagrobolize also is provided. METAGROBOLIZE INDUSTRIESComparative Balance SheetsDecember $31,2024$ and $2023($$ in thousands$)20242023$Assets$$Cash$ $540$$ $285$Accounts receivable$670350$Inventory$820430$Land$600570$Building$900900$Less: Accumulated depreciation$(250)(220)$Equipment$3,3003,110$Less: Accumulated depreciation$(481)(440)$Patent$1,6001,800$$ $7,699$$ $6,785$Liabilities$$Accounts payable$ $920$$ $720$Accrued liabilities$310250$Lease liability$$land$1300$Shareholders' Equity$$Common stock$3,6403,500$Paid$-$in capital$$excess of par$550460$Retained earnings$2,1491,855$$ $7,699$$ $6,785$ METAGROBOLIZE INDUSTRIESIncome StatementFor the Year Ended December $31,2024($$ in thousands$)$Revenues$$Sales revenue$ $3,152$Gain on sale of land$70$$ $3,222$Expenses$$Cost of goods sold$ $1,120$Depreciation expense$$building$30$Depreciation expense$$equipment$608$Loss on sale of equipment$25$Amortization of patent$200$Operating expenses$3502,333$Net income$$$ $889$ Additional information from the accounting records: Annual payments of $$20,000$ on the finance lease liability are paid each January $1,$ beginning in $2024.$ During $2024,$ equipment with a cost of $$630,000(90\%$ depreciated$)$ was sold. The statement of shareholders' equity reveals reductions of $$230,000$ and $$365,000$ for stock dividends and cash dividends, respectively. Required: Prepare the statement of cash flows of Metagrobolize for the year ended December $31,2024.$ Present cash flows from operating activities by the direct method. Note: 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.