Exercise 4-20 (Algo) Statement of cash flows; indirect method [LO4-8] Presented below is the 2024 income statement and comparative balance sheet information for Tiger Enterprises. TIGER ENTERPRISES Income Statement For the Year Ended December 31, 2024 ($ in thousands) Sales revenue Operating expenses: Cost of goods sold Depreciation expense Insurance expense General and administrative expense Total operating expenses Income before income taxes Income tax expense Net income Balance Sheet Information ($ in thousands) Assets: Cash Accounts receivable Inventory Prepaid insurance Equipment $ 9,500 $ 3,900 290 350 2,300 6,840 2,660 (1,064) $ 1,596 December 31, 2024 December 31, 2023 $ 400 $250 775 880 715 650 100 45 2,600 2,050 (940) (650) Less: Accumulated depreciation Total assets Liabilities and Shareholders' Equity: Accounts payable Accrued liabilities (for general & administrative expense) Income taxes payable Notes payable (due 12/31/2025) Common stock Retained earnings Total liabilities and shareholders' equity $ 3,650 $ 325 325 225 1,100 $ 3,225 $ 410 450 200 850 1,000 850 675 465 $ 3,650 $ 3,225 Required: Prepare Tiger's statement of cash flows, using the indirect method to present cash flows from operating activities. (Hint You will have to calculate dividend payments). Note: Enter your answers in thousands. Amounts to be deducted should be indicated with a minus sign.