Income Statement For the Year Ended December 31, 2018 in thousands) Sales revenue Operating expenses: $15,000 Cost of goods sold $ 5,000 400 900 3,400 Depreciation Insurance Administrative and other Total operating expenses 9,700 5,30o 2,120 $ 3,180 Income before income taxes Income tax expense Net income Balance Sheet Information ($ in thousands) Assets Cash Accounts receivable Inventory Prepaid insurance Plant and equipment Dec. 31,2018Dec. 31, 2017 $620 830 810 130 3,200 1,160 $ 4,430 $360 990 760 2,600 760 Less: Accumulated depreciation $ 3,985 Total assets Liabilities and Shareholders' Equity: Accounts payable Payables for administrative and other expenses Income taxes payable Note payable (due 12/31/2019) Common stock Retained earnings $380 380 360 1,380 1,100 830 $ 4,430 $520 560 310 950 960 685 $ 3,985 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 TIGER ENTERPRISES Statement of Cash Flows For the Year Ended December 31, 2018 (S in thousands) Cash flows from operating activities 3,180 Net income Adjustments for noncash effects Depreciation expense Changes in operating assets and liabilities 400 160 140 180 Decrease in accounts receivable Decrease in accounts payable Decrease in administrative and other payables Increase in inventory Increase in prepaid insurance Increase in income taxes payable Net cash flows from operating activities 4,060 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 0 et increase in cash Cash, January 1 Cash, December 31 4,060 4,060