Comparative balance sheets for 2024 and 2023 and a statement of income for 2024 are...

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Accounting

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 $ 560 $ 370
Accounts receivable 710370
Inventory 860440
Land 700670
Building 900900
Less: Accumulated depreciation (200)(160)
Equipment 3,4003,230
Less: Accumulated depreciation (343)(300)
Patent 1,8002,100
$ 8,387 $ 7,620
Liabilities
Accounts payable $ 960 $ 710
Accrued liabilities 330260
Lease liabilityland 1300
Shareholders' Equity
Common stock 3,6803,500
Paid-in capitalexcess of par 800740
Retained earnings 2,4872,410
$ 8,387 $ 7,620
METAGROBOLIZE INDUSTRIES
Income Statement
For the Year Ended December 31,2024
($ in thousands)
Revenues
Sales revenue $ 3,131
Gain on sale of land 80 $ 3,211
Expenses
Cost of goods sold $ 1,160
Depreciation expensebuilding 40
Depreciation expenseequipment 664
Loss on sale of equipment 25
Amortization of patent 300
Operating expenses 3502,539
Net income $ 672
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 $690,000(90% depreciated) was sold.
The statement of shareholders' equity reveals reductions of $240,000 and $355,000 for stock dividends and cash dividends, respectively.
Required:
Prepare the statement of cash flows of Metagrobolize for the year ended December 31,2024. Present cash flows from operating activities by the direct 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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