Problem 21-16 (Algo) Statement of cash flows; indirect method [LO21-4, 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 (5 in thousands) 2024 2023 Assets Cash Accounts receivable Less: Allowance for uncollectible accounts $ 45.0 50.0 $ 22.0 52.0 (4.0) (3.0) Dividends receivable 5.0 4.0 Inventory 57.0 52.0 Long-term investment 17.0 12.0 Land 72.0 40.0 Buildings and equipment 217.0 252.0 Less: Accumulated depreciation (27.0) (60.0) $ 432.0 $ 371.0 Liabilities Accounts payable $ 15.0 $ 22.0 Salaries payable 4.0 7.0 Interest payable 6.0 4.0 Income tax payable 9.0 10.0 Notes payable 32.0 Bonds payable Less: Discount on bonds Shareholders' Equity Common stock Paid-in capital-excess of par Retained earnings Less: Treasury stock 87.0 60.0 (2.0) (3.0) 210.0 200.0 24.0 20.0 55.0 51.0 (8.0) $ 432.0 $ 371.0 DUX COMPANY Income Statement For the Year Ended December 31, 2024 (s in thousands) Revenues DUX COMPANY Income Statement For the Year Ended December 31, 2024 (s in thousands) Sales revenue Dividend revenue $230.0 5.0 $235.0 Expenses Cost of goods sold 124.0 Salaries expense 29.0 Depreciation expense 9.0 Bad debt expense 1.0 Interest expense 12.0 Loss on sale of building, 7.0 Income tax expense 20.0 Net income 202.0 $ 33.0 $ 432.0 $ 371.0 Additional information from the accounting records: a. A building that originally cost $56,000, and which was three-fourths depreciated, was sold for $7.000. b. The common stock of Byrd Corporation was purchased for $5,000 as a long-term investment. c. Property was acquired by issuing a 13%, seven-year, $32,000 note payable to the seller. d. New equipment was purchased for $21,000 cash. e. On January 1, 2024, bonds were sold at their $27,000 face value. 1. 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. g. Cash dividends of $15,000 were paid to shareholders. h. On November 12, 12,500 shares of common stock were repurchased as treasury stock at a cost of $8,000. Required: Prepare the statement of cash flows for Dux Company using the indirect method. Note: Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands (i.e., 10,000 should be entered as 10). Answer is not complete. DUX COMPANY Answer is not complete. DUX COMPANY Statement of Cash Flows For year ended December 31, 2024 ($ in 000s) Cash flows from operating activities: Net income $ 33 Adjustments for noncash effects: Depreciation expense 9 Amortization of bond discount Loss on sale of building 1 x 70 Changes in operating assets and liabilities: Decrease in accounts receivable 2 Increase in allowance for uncollectible accounts: 1 Increase in dividends receivable (1) Increase in inventory (5) Decrease in accounts payable (7) Decrease in salaries payable Increase in interest payable Decrease in income tax payable (1) (3) 2 Net cash flows from operating activities Cash flows from investing activities: Sale of building Purchase of long-term investment Purchase of equipment Net cash flows from investing activities Cash flows from financing activities: Sale of bonds payable Purchase of treasury stock 7 (5) (17) 0 n $ 38 (15) Increase in allowance for uncollectible accounts Increase in dividends receivable Increase in inventory Decrease in accounts payable Decrease in salaries payable Increase in interest payable Decrease in income tax payable Net cash flows from operating activities Cash flows from investing activities: Sale of building Purchase of long-term investment 1 (1) (5) (7) (3) 2 (1) 7 Purchase of equipment Net cash flows from investing activities Cash flows from financing activities: Sale of bonds payable Purchase of treasury stock Payment of dividends Net cash flows from financing activities Net increase in cash Cash balance, January 1 Cash balance, December 31 Noncash investing and financing activities: Acquired land by issuing note $ 38 38 (5) (17) (15) 0x 0 0 00 0 0x 0 $ 0 $ 0 0