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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 $ 480 $ 190 Accounts receivable 510 270 Inventory 660 390 Land 700 605 Building 800 800 Less: Accumulated depreciation (300) (275) Equipment 2,900 2,630 Less: Accumulated depreciation (493) (460) Patent 1,800 2,100 $ 7,057 $ 6,250 Liabilities Accounts payable $ 760 $ 560 Accrued expenses payable 230 210 Lease liabilityland 150 0 Shareholders' Equity Common stock 2,620 2,500 Paid-in capitalexcess of par 600 530 Retained earnings 2,697 2,450 $ 7,057 $ 6,250 METAGROBOLIZE INDUSTRIES Income Statement For the Year Ended December 31, 2016 ($ in 000s) Revenues Sales revenue $ 3,061 Gain on sale of land 70 $ 3,131 Expenses Cost of goods sold $ 960 Depreciation expensebuilding 25 Depreciation expenseequipment 384 Loss on sale of equipment 20 Amortization of patent 300 Operating expenses 600 2,289 Net income $ 842 Additional information from the accounting records: a. During 2016, equipment with a cost of $390,000 (90% depreciated) was sold. b. The statement of shareholders' equity reveals reductions of $190,000 and $405,000 for stock dividends and cash dividends, respectively. Required: Prepare the statement of cash flows of Metagrobolize for the year ended December 31, 2016. Present cash flows from operating activities by the direct method. (Enter your answers in thousands (i.e., 5,000 should be entered as 5). Amounts to be deducted should be indicated with a minus sign.)

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