Lock & Key Inc. began operations on January $1,2022.$ Its post$-$closing trial balance at December $31,2022$ and $2023,$ is shown below along with some other information.

Lock & Key Inc.

Income Statement

For Year Ended December $31,2023$

$(000$s$)$

Revenues:

Sales $ $3,320$

Cost of goods sold $2,720$

Gross Profit $600$

Expenses:

Other expenses $ $640$

Depreciation expense $240$

Total expenses $880$

Loss $ $280$

Lock & Key Inc.

Post$-$Closing Trial Balance

$(000$s$)$

December $31$

Account $20232022$

Cash $ $2,360$ $ $1,280$

Receivables $2,1101,460$

Merchandise inventory $2,0602,390$

Property, plant and equipment $3,7403,980$

Accumulated depreciation $1,4601,400$

Accounts payable $1,4601,100$

Accrued liabilities $240360$

Bonds payable $1,8502,000$

Common shares $3,1041,770$

Retained earnings $2,1562,480$

Other information regarding Lock & Key Inc. and its activities during $2023$:

Assume all accounts have normal balances.

Cash dividends were declared and paid during the year.

Equipment was sold for cash equal to its book value.

Required:

Using the information provided, prepare a statement of cash flows $($applying the indirect method$)$ for the year ended December $31,2023.($List any deduction in cash and cash outflows and loss as negative amounts. Enter amounts in thousands, not in dollar.$)$