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Comparative balance sheets for $2024$ and $2023$ and a statement of income for $2024$ are given below for Metagrobolize Industries. Additional information from the accounting records of Metagrobolize also is provided.

METAGROBOLIZE INDUSTRIES

Comparative Balance Sheets

December $31,2024$ and $2023$

$($$ in thousands$)$

$20242023$

Assets

Cash $ $520$ $ $225$

Accounts receivable $630330$

Inventory $780420$

Land $550540$

Building $700700$

Less: Accumulated depreciation $(300)(280)$

Equipment $3,2002,990$

Less: Accumulated depreciation $(439)(400)$

Patent $1,4001,500$

$ $7,041$ $ $6,025$

Liabilities

Accounts payable $ $880$ $ $630$

Accrued liabilities $290240$

Lease liability$$land $1300$

Shareholders' Equity

Common stock $3,6003,500$

Paid$-$in capital$$excess of par $550430$

Retained earnings $1,5911,225$

$ $7,041$ $ $6,025$

METAGROBOLIZE INDUSTRIES

Income Statement

For the Year Ended December $31,2024$

$($$ in thousands$)$

Revenues

Sales revenue $ $3,078$

Gain on sale of land $60$ $ $3,138$

Expenses

Cost of goods sold $1,080$

Depreciation expense$$building $20$

Depreciation expense$$equipment $552$

Loss on sale of equipment $25$

Amortization of patent $100$

Operating expenses $4002,177$

Net income $ $961$

Additional information from the accounting records:

Annual payments of $$20,000$ on the finance lease liability are paid each January $1,$ beginning in $2024.$

During $2024,$ equipment with a cost of $$570,000(90\%$ depreciated$)$ was sold.

The statement of shareholders$$ equity reveals reductions of $$220,000$ and $$375,000$ for stock dividends and cash dividends, respectively.

Required:

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

Note: 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.

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