Presented below are the $2024$ income statement and comparative balance sheets for Santana Industries.

SANTANA INDUSTRIES

Income Statement

For the Year Ended December $31,2024$

$($$ in thousands$)$

Sales revenue $ $17,450$

Service revenue $6,600$

Total revenue $ $24,050$

Operating expenses:

Cost of goods sold $8,800$

Selling expense $4,000$

General and administrative expense $3,100$

Total operating expenses $15,900$

Operating income $8,150$

Interest expense $310$

Income before income taxes $7,840$

Income tax expense $3,200$

Net income $ $4,640$

Balance Sheet Information $($$ in thousands$)$ December $31,2024$ December $31,2023$

Assets:

Cash $ $9,900$ $ $3,640$

Accounts receivable $5,7003,800$

Inventory $7,2004,600$

Prepaid rent $310620$

Equipment $17,70015,200$

Less: Accumulated depreciation $(6,700)(6,100)$

Total assets $ $34,110$ $ $21,760$

Liabilities and Shareholders$$ Equity:

Accounts payable $ $4,600$ $ $2,700$

Interest payable $2600$

Deferred revenue $1,120760$

Income taxes payable $7101,120$

Notes payable $($due $12/31/2026)8,2000$

Common stock $11,60011,600$

Retained earnings $7,6205,580$

Total liabilities and shareholders' equity $ $34,110$ $ $21,760$

Additional information for the $2024$ fiscal year $($$ in thousands$)$:

Cash dividends of $$2,600$ were declared and paid.

Equipment costing $$7,200$ was purchased with cash.

Equipment with a book value of $$2,100($cost of $$4,700$ less accumulated depreciation of $$2,600)$ was sold for $$2,100.$

Depreciation of $$3,200$ is included in operating expenses.

Required:

Prepare Santana Industries' $2024$ statement of cash flows, using the indirect method to present cash flows from operating activities.

Note: Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands.