Problem $21-4($Algo$)$ Statement of cash flows; direct method $[$LO$21-3,21-8]$

The comparative balance sheets for $2024$ and $2023$ and the statement of income for $2024$ are given below for Dux Company. Additional information from Dux's accounting records is provided also.

DUX COMPANY

Comparative Balance Sheets

December $31,2024$ and $2023$

$($$ in thousands$)$

$20242023$

Assets

Cash $ $60$ $ $28$

Accounts receivable $4758$

Less: Allowance for uncollectible accounts $(4)(3)$

Dividends receivable $76$

Inventory $4035$

Long$-$term investment $2826$

Land $10580$

Buildings and equipment $201230$

Less: Accumulated depreciation $(35)(70)$

$ $449$ $ $390$

Liabilities

Accounts payable $ $26$ $ $39$

Salaries payable $24$

Interest payable $52$

Income tax payable $68$

Notes payable $250$

Bonds payable $8560$

Less: Discount on bonds $(3)(4)$

Shareholders' Equity

Common stock $210200$

Paid$-$in capital$$excess of par $2420$

Retained earnings $8161$

Less: Treasury stock $(12)0$

$ $449$ $ $390$

DUX COMPANY

Income Statement

For the Year Ended December $31,2024$

$($$ in thousands$)$

Revenues

Sales revenue $ $280$

Dividend revenue $7$ $ $287$

Expenses

Cost of goods sold $160$

Salaries expense $41$

Depreciation expense $4$

Bad debt expense $1$

Interest expense $8$

Loss on sale of building $7$

Income tax expense $20241$

Net income $ $46$

Additional information from the accounting records:

A building that originally cost $$52,000,$ and which was three$-$fourths depreciated, was sold for $$6,000.$

The common stock of Byrd Corporation was purchased for $$2,000$ as a long$-$term investment.

Property was acquired by issuing a $11\%,$ seven$-$year, $$25,000$ note payable to the seller.

New equipment was purchased for $$23,000$ cash.

On January $1,2024,$ bonds were sold at their $$25,000$ face value.

On January $19,$ Dux issued a $5\%$ stock dividend $(1,000$ shares$).$ The market price of the $$10$ par value common stock was $$14$ per share at that time.

Cash dividends of $$12,000$ were paid to shareholders.

On November $12,1,000$ shares of common stock were repurchased as treasury stock at a cost of $$12,000.$

Required:

Prepare the statement of cash flows of Dux Company for the year ended December $31,2024.$ Present cash flows from operating activities by the direct method.