Problem 21-4 (Algo) Statement of cash flows; direct method [LO21-3, 21-8] The comparative balance sheets for 2021 and 2020 and the statement of income for 2021 are given below for Dux Company. Additional information from Dux's accounting records is provided also. DUX COMPANY Comparative Balance Sheets December 31, 2021 and 2020 (s in thousands) 2021 2020 Assets Cash $ 114 $ 46 Accounts receivable 45 67 Less: Allowance for uncollectible accounts (5) (4) Dividends receivable 3 Inventory 80 75 Long-term investment 48 42 Land 75 65 Buildings and equipment Less: Accumulated depreciation (100) $ 393 Liabilities Accounts payable $ 10 $ 24 Salaries payable 1 Interest payable 8 Income tax payable 8 Notes payable 10 Bonde payable 60 Less: Discount on bonds (1) (2) Shareholders' Equity Comon stock 210 200 Paid-in capital -excess of par 24 Retained earnings 155 Less: Treasury stock (3) $ 482 $ 393 & 188 200 $ 482 || % 120/21 S 363 DUX COMPANY Income Statement For the Year Ended December 31, 2021 (8 in thousands Revenues Sales revence $360 Dividend revenge 3 Expenses Cost of goods sold 200 Salaries expense 30 Depreciation expertise 5 Bad debt expense 1 Interest expense 8 Loss on sale of building 2 Income tax expense Net Income 273 90 Additional information from the accounting records: a. A building that originally cost $52,000, and which was three-fourths depreciated, was sold for $11.000. b. The common stock of Byrd Corporation was purchased for $6,000 as a long-term Investment c. Property was acquired by issuing a 14%, seven-year, $10,000 note payable to the seller. d. New equipment was purchased for $40,000 cash. e. On January 1, 2021, bonds were sold at their $10,000 face value f. 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 $6,000 were paid to shareholders, h. On November 12, 1,000 shares of common stock were repurchased as treasury stock at a cost of $3,000 Required: Prepare the statement of cash flows of Dux Company for the year ended December 31, 2021. Present cash flows from operating activities by the direct method. (Do not round your intermediate calculations. Enter your answers in thousands (i.e., 10,000 should be entered as 10). Amounts to be deducted should be indicated with a minus sign.) DUX COMPANY Statement of Cash Flows For the year ended December 31, 2021 ($ in thousands) Cash flows from operating activities: Cash inflows: From customers $ From dividends received 382 4 (219) Cash outflows: To suppliers of goods To employees For interest For income taxes $ 167 Net cash flows from operating activities Cash flows from investing activities: Sale of building Purchase of long-term investment Purchase of equipment 0 Net cash flows from investing activities Cash flows from financing activities: Sale of bonds pavable To employees For interest For income taxes $ 167 Net cash flows from operating activities Cash flows from investing activities: Sale of building Purchase of long-term investment Purchase of equipment 0 Net cash flows from investing activities Cash flows from financing activities: Sale of bonds payable Payment of dividends Purchase of treasury stock 0 0 Net cash flows from financing activities Net increase (decrease) in cash Cash balance, January 1 Cash balance, December 31 Noncash investing and financing activities: Acquired land $ 0