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Comparative balance sheets for 2013 and 2012 and a statement of income

for 2013 are given below for Metagrobolize Industries. Additional information from Metagrobolize's accounting records is provided also. METAGROBOLIZE INDUSTRIES Comparative Balance Sheets December 31, 2013 and 2012 ($ in 000s) 2013 2012 Assets Cash $ 490 $ 220 Accounts receivable 530 280 Inventory 680 395 Land 700 620 Building 800 800 Less: Accumulated depreciation (200) (170) Equipment 2,950 2,690 Less: Accumulated depreciation (334) (300) Patent 1,900 2,000 ________________________________________ $ 7,516 $ 6,535 Liabilities Accounts payable $ 780 $ 630 Accrued expenses payable 240 215 Lease liability—land 150 0 Shareholders' Equity Common stock 2,640 2,500 Paid-in capital—excess of par 600 545 Retained earnings 3,106 2,645 ________________________________________ $ 7,516 $ 6,535 METAGROBOLIZE INDUSTRIES Income Statement For the Year Ended December 31, 2013 ($ in 000s) Revenues Sales revenue $ 3,123 Gain on sale of land 75 $ 3,198 ___________ Expenses Cost of goods sold $ 980 Depreciation expense—building 30 Depreciation expense—equipment 412 Loss on sale of equipment 20 Amortization of patent 100 Operating expenses $ 600 2,142 ________________________________________ Net income $ 1,056 Additional information from the accounting records: a. During 2013, equipment with a cost of $420,000 (90% depreciated) was sold. b. The statement of shareholders’ equity reveals reductions of $195,000 and $400,000 for stock dividends and cash dividends, respectively. c. The land leased during the year is classified as an asset by the company. Required: Prepare the statement of cash flows for Metagrobolize Industries using the indirect method. (Enter your answers in thousands. Amounts to be deducted should be indicated with a minus sign.)

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