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 $ $16,450$

Service revenue $5,600$

Total revenue $ $22,050$

Operating expenses:

Cost of goods sold $8,300$

Selling expense $3,500$

General and administrative expense $2,600$

Total operating expenses $14,400$

Operating income $7,650$

Interest expense $260$

Income before income taxes $7,390$

Income tax expense $2,700$

Net income $ $4,690$

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

Assets:

Cash $ $9,400$ $ $3,190$

Accounts receivable $4,7003,300$

Inventory $6,2004,100$

Prepaid rent $260520$

Equipment $16,70014,200$

Less: Accumulated depreciation $(6,200)(5,600)$

Total assets $ $31,060$ $ $19,710$

Liabilities and Shareholders$$ Equity:

Accounts payable $ $3,600$ $ $2,200$

Interest payable $2100$

Deferred revenue $1,020710$

Income taxes payable $6601,020$

Notes payable $($due $12/31/2026)7,2000$

Common stock $11,10011,100$

Retained earnings $7,2704,680$

Total liabilities and shareholders' equity $ $31,060$ $ $19,710$

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

$1.$ Cash dividends of $$2,100$ were declared and paid.

$2.$ Equipment costing $$6,200$ was purchased with cash.

$3.$ Equipment with a book value of $$1,600($cost of $$3,700$ less accumulated depreciation of $$2,100)$ was sold for $$1,600.$

$4.$ Depreciation of $$2,700$ 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.