Echo Manufacturing, Incorporated, is a manufacturer of steel products for customers such as Home Depot, Lowes, Chrysler, Ford, and General Motors. In the year ended December 31, 2018, it reported the following activities (amounts in thousands): Net income $ 64,800 Purchase of equipment 17,900 Payments on notes payable to bank 500 Net proceeds from stock issuance 1,500 Depreciation 20,970 Proceeds from sale of equipment 3,550 Decrease in accounts receivable 9,900 Payments to acquire treasury stock 8,240