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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 $ $560$ $ $370$

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 liability$$land $1300$

Shareholders' Equity

Common stock $3,6803,500$

Paid$-$in capital$$excess 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 expense$$building $40$

Depreciation expense$$equipment $664$

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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