Please do not give solution in image format thanku Required information[The following information applies to the questions displayed below.]Portions of the financial statements for Parnell Company are provided below.Revenues and gains:SalesFor the Year Ended December 31, 2024($ in thousands)PARNELL COMPANYIncome StatementGain on sale of buildingExpenses and loss:Cost of goods soldSalaries.InsuranceDepreciationInterest expenseLoss on sale of equipmentIncome before taxIncome tax expenseNet incomeDecember 31, 2024 and 2023($ in thousands)CashAccounts receivableInventoryPrepaid insuranceAccounts payableSalaries payableDeferred tax liabilityBond discount2024PARNELL COMPANYSelected Accounts from ComparativeBalance SheetsYear$ 1343243216621010260$ 80011190$ 3001204012350122023$ 100216425881179352200$ 81164516678$88Change$ 34108(104)(22)9398(10) Balance SheetsDecember 31, 2024 and 2023($ in thousands)YearCashAccounts receivableInventoryPrepaid insuranceAccounts payableSalaries payableDeferred tax liabilityBond discountCash Flows from Operating Activities:2024Net cash flows from operating activities$ 13432432166210102601902023$$ 100216425881179352200Required:1. Prepare the cash flows from operating activities section of the statement of cash flows for Parnell Company using the direct methodNote: Enter your answers in thousands (i.e., 10,000 should be entered as 10). Amounts to be deducted should be indicated with aminus sign.4Change0$34108(104)(22)9398(10)

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Required information [The following information applies to the questions displayed below] Portions of the financial statements for Parnell Company are provided below. PARNELL COMPANY Income Statement For the Year Ended December 31, 2024 ($ in thousands) Revenues and gains: Sales Gain on sale of building Expenses and loss: Cost of goods sold Salaries Insurance Depreciation Interest expense Loss on sale of equipment Income before tax Income tax expense Net income Cash Accounts receivable Inventory Prepaid insurance Accounts payable Salaries payable Deferred tax liability Bond discount 2024 PARNELL COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2024 and 2023 ($ in thousands) Year $ 134 324 321 66 210 $ 800 102 60 190 11 $ 300 120 40 123 50 12 2023 $ 100 216 425 88 117 93 52 200 $ 811 645 166 78 $ 88 Change $ 34 108 (104) (22) 93 9 8 (10)