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Comparative balance sheets for 2018 and 2017 and a statement of income for 2018 are given below for Metagrobolize Industries. Additional information from the accounting records of Metagrobolize also is provided. 2017 $ METAGROBOLIZE INDUSTRIES Comparative Balance Sheets December 31, 2018 and 2017 ($ in 0003) 2018 Assets Cash $ 390 Accounts receivable Inventory 520 Land 525 Building 900 Less Accumulated depreciation (250) Equipment 2,550 Less: Accumulated depreciation (346) Patent 1,100 370 170 200 355 500 900 (225) 2,210 (320) 1,300 $5,759 $5,090 160 Liabilities Accounts payable Acerued expenses payable Lease liability-land Shareholders' Equity Common stock Paid-in capital-excess of par 750 Retained earnings - METACROBOLIZE INDUSTRIES METAGROROLTRE INDUSTRIES Income Statement For the Year Ended December 31, 2018 ($ in 00s) Revenues Sales revenue $2,512 Gain on sale of land 35 $2,547 Expenses Cost of goods sold $ 820 Depreciation expense-building Depreciation expense equipment 188 Loss on sale of equipment 15 Amortization of patent Operating expenses 500 Net income $ 799 25 200 Additional information from the accounting records: a. Annual payments of $20,000 on the finance lease liability are paid each January 1, beginning in 2018. b. During 2018, equipment with a cost of $180,000 (90% depreciated) was sold. C. The statement of shareholders' equity reveals reductions of $155,000 and $440,000 for stock dividends and cash dividends. respectively. Required: Prepare the statement of cash flows of Metagrobolize for the year ended December 31, 2018. Present cash flows from operating activities by the direct method. (Enter your answers in thousands (.e., 5,000 should be entered as 5). Amounts to be deducted should be indicated with a minus sign.) Required: Prepare the statement of cash flows of Metagrobolize for the year ended December 31, 2018. Present cash flows from operating activities by the direct method. (Enter your answers in thousands (.e., 5,000 should be entered as 5). Amounts to be deducted should be indicated with a minus sign.) METAGROBOLIZE INDUSTRIES Statement of Cash Flows For year ended December 31, 2018 ($ in 000s) Cash inflows: Cash outflows: $ 0 Next >