Statement of Cash Flows-Indirect Method

Comparative balance sheets for 2016 and 2015 and a statement of income for 2016 are given below for Metagrobolize Industries. Additional information from the accounting records of Metagrobolize also is provided.

METAGROBOLIZE INDUSTRIES Comparative Balance Sheets December 31, 2016 and 2015 ($ in 000s)
		2016		2015
Assets
Cash	$	530	$	265
Accounts receivable		610		320
Inventory		760		415
Land		600		525
Building		700		700
Less: Accumulated depreciation		(250)		(220)
Equipment		3,150		2,930
Less: Accumulated depreciation		(418)		(380)
Patent		1,300		1,600
	$	6,982	$	6,155
Liabilities
Accounts payable	$	860	$	710
Accrued expenses payable		280		235
Lease liabilityland		150		0
Shareholders' Equity
Common stock		3,650		3,500
Paid-in capitalexcess of par		550		485
Retained earnings		1,492		1,225
	$	6,982	$	6,155

METAGROBOLIZE INDUSTRIES Income Statement For the Year Ended December 31, 2016 ($ in 000s)
Revenues
Sales revenue	$	3,101
Gain on sale of land		95	$	3,196
Expenses
Cost of goods sold	$	1,060
Depreciation expensebuilding		30
Depreciation expenseequipment		524
Loss on sale of equipment		20
Amortization of patent		300
Operating expenses	$	400		2,334
Net income			$	862

Additional information from the accounting records:
a.	During 2016, equipment with a cost of $540,000 (90% depreciated) was sold.
b.	The statement of shareholders equity reveals reductions of $215,000 and $380,000 for stock dividends and cash dividends, respectively.

Required:

Prepare the statement of cash flows for Metagrobolize Industries using the indirect method. (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.)