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Presented below are the 2016 income statement and comparative balance sheets for Santana Industries. SANTANA INDUSTRIES Income Statement For the Year Ended December 31, 2016 ($ in thousands) 14,650 $ Sales revenue Service revenue 3,800 18,450 Total revenue Operating expenses: Cost of goods sold Selling General and administrative 7,400 2,600 1,700 Total operating expenses 11,700 Operating income Interest expense 6,750 220 Income before income taxes 6,530 2,700 Income tax expense $3,830 Net income Balance Sheet Information (S thousands) Dec. 31, 2016 Dec. 31, 2015 Assets: 7,550 $ 2,380 2,900 2,400 4,400 170 Cash Accounts receivable Inventory Prepaid rent Plant and equipment Less: Accumulated depreciation 3,200 340 14,900 12,400 (5,300) (4,700) $24,620 $16,020 Total assets Liabilities and Shareholders' Equity: Accounts payable Interest payable Deferred service revenue Income taxes payable Loan payable (due 12/31/2015) 1,800 $ 1,300 120 840 620 570 840 5,400 10,200 10,200 0 Common stock Retained earnings 5,690 3,060 Total liabilities and shareholders' equity $24,620 $16,020 Additional information for the 2016 fiscal year (S in thousands): 1.Cash dividends of $1,200 were declared and paid. 2. Equipment costing $4,400 was purchased with cash 3. Equipment with a book value of $700 (cost of $1,900 less accumulated depreciation of $1,200) was sold for $700. 4. Depreciation of $1,800 is included in operating expenses. Required: Prepare Santana Industries' 2016 statement of cash flows, using the indirect method to present cash flows from operating activities. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands.)