Please calculate the Cash balance as of January 1st.

Problem 4-11 (Algo) Statement of cash flows; indirect method [LO4-8] Presented below are the 2021 income statement and comparative balance sheets for Santana Industries. $20,850 SANTANA INDUSTRIES Income Statement For the Year Ended December 31, 2021 ($ in thousands) Sales revenue $ 15,850 Service revenue 5,000 Total revenue Operating expenses: Cost goods sold 8,000 Selling expense 3,200 General and administrative expense 2,300 Total operating expenses Operating income Interest expense Income before income taxes Income tax expense Net income 13,500 7,350 230 7,120 2,400 $ 4,720 Dec. 31, 2021 Dec. 31, 2020 $ 9,100 4,100 5,600 230 16,100 (5,900) $29, 230 $ 2,920 3,000 3,800 460 13,600 (5,300) $18,480 Balance Sheet Information ($ in thousands) Assets: Cash Accounts receivable Inventory Prepaid rent Equipment Less: Accumulated depreciation Total assets Liabilities and Shareholders' Equity: Accounts payable Interest payable Deferred revenue Income taxes payable Notes payable (due 12/31/2023) Common stock Retained earnings Total liabilities and shareholders' equity $ 3,000 180 960 630 6,600 10,800 7,060 $29, 230 $ 1,900 0 680 960 0 10,800 4,140 $18,480 Additional information for the 2021 fiscal year ($ in thousands): 1. Cash dividends of $1,800 were declared and paid. 2. Equipment costing $5,600 was purchased with cash. 3. Equipment with a book value of $1,300 (cost of $3,100 less accumulated depreciation of $1,800) was sold for $1,300. 4. Depreciation of $2,400 is included in operating expenses. Net increase in cash 6,180 Cash, January 1 Cash, December 31 $ 6,180