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Check my work mode : This shows what is correct or incorrect for the work you have comple 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. METAGROBOL IZE INDUSTRIES Comparative Balance Sheets December 31, 2018 and 2017 (S in e0es) 2018 2017 Assets Cash 460 190 Accounts receivable Inventory Land 510 270 660 390 700 Building Less: Accumulated depreciation Equipment Less: Accumulated depreciation Patent 800 800 (300) 2,900 (493) 1,800 $ 7,037 (275) 2,630 (460) 2,100 $ 6,250 Liabilities Accounts payable Accrued expenses payable Lease liability-land Shareholders' Equity Comon stock Paid-in capital-excess of par Retained earnings 760 560 210 230 130 2,620 2,500 530 600 2,697 $ 7,037 2,450 $ 6,250 HETAGROBOLIZE INDUSTRIES Income Statement For the Year Ended December 31, 2018 (S in 000s) Revenues Sales revenue Gain on sale of land Expenses Cost of goods sold Depreciation expense-building Depreciation expense-equipment Loss on sale of equipment Amortization of patent Operating expenses $3,061 70 $3,131 $ 960 25 384 20 300 600 2,289 Net income $ 842 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 $390,000 (90% depreciated) was sold. c. 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, 2018. 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.) Answer is not complete. METAGROBOLIZE INDUSTRIES Statement of Cash Flows For year ended December 31, 2018 (S in 000s) Cash flows from operating activities: Cash inflows From customers Cash outflows To suppliers of goods To employees Net cash flows from operating activities Cash flows from investing activities: Purchase of equipment Sale of land Sale of equipment Net cash flows from investina activities |Cash intlows: From customers Cash outflows: To suppliers of goods To employees Net cash flows from operating activities Cash flows from investing activities: Purchase of equipment Sale of land Sale of equipment Net cash flows from investing activities Cash flows from financing activities: Payment of cash dividends Payment on lease liability Net cash flows from financing activities Net increase in cash Noncash investing and financing activities

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