For the Year Ended December 31, 2018 ($ in thousands) $17,000 Sales revenue Operating expenses: Cost of goods sold Depreciation $5,400 440 1,100 Insurance 3,800 Administrative and other 10,740 6,260 2,504 Total operating expenses Income before income taxes Income tax expense $ 3,756 Net income Dec. 31, 2017 Balance Sheet Information ($ in thousands) Dec. 31,2018 Assets: 400 $ 700 Cash 1,030 800 Accounts receivable Inventory Prepaid insurance Plant and equipment Less: Accumulated depreciation 850 870 55 170 3,600 (1,240) $ 4,950 2,800 (800) $ 4,285 Total assets Liabilities and Shareholders' Equity: Accounts pay able Payables for administrative and other expenses Income taxes payable Note payable (due 12/31/2019) Common stock 400 560 600 400 350 380 950 1,280 1,180 1,310 1,000 Retained earnings 825 $ 4,950 $4,285 Total liabilities and shareholders' equity Required: Prepare Tiger's statement of cash flows, using the indirect method to present cash flows from operating activities. (Hint: You will have to calculate dividend payments). (Enter your answers in thousands. Amounts to be deducted should be indicated with a minus sign.) TIGER ENTERPRISES Statenent of Cash Flows For the Year Ended December 31, 2018 ($ in thousands) Cash flows from operating activities Net income Adjustments for noncash effects Depreciation expense Changes in operating assets and liabilities Decrease in accounts receivable Increase in inventory Increase in prepaid insurance Decrease in accounts payable Decrease in administrative and other payables Increase in income taxes pavable Increase in inventory Increase in prepaid insurance Decrease in accounts payable Decrease in administrative and other payables Increase in income taxes payable Net cash flows from investing activities $ Cash flows from investing activities Purchase of plant and equipment Cash flows from financing activities Proceeds from note payable Proceeds from issuance of common stock Payment of dividends Net cash flows from financing activities Net increase in cash Cash, January 1 Cash, December 31 $