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Preseried below are the 2018 income statement and comparative balance sheets for Santana Industries. P4-11 Statement of cash flows; indirect method LO4-8 SANTANA INDUSTRIES Income Statement For the Year Ended December 31, 2018 ($ in thousands) Sales revenue Service revenue $14,250 3.400 Total revenue $17,650 Operating expenses: Cost of goods sold 7,200 2,400 1,500 Selling General and administrative Total operating expenses Operating income Interest expense Income before income taxes Income tax expense Net income 11,100 6,550 200 6,350 2,500 $3,850 Balance Sheet Information ($ in thousands) Assets: Cash Accounts receivable Inventory Prepaid rent Plant and equipment Dec. 31, 2018 Dec. 31, 2017 $7,350 2,500 4,000 150 14,500 (5,100) $23,400 $2,200 2,200 3,000 300 12,000 (4,500) $15,200 Less: Accumulated depreciation Total assets Liabilities and shareholders' equity: Accounts payable Interest payable Deferred service revenue Income taxes payable Loan payable (due 12/31/2020) Common stock Retained earnings $1,400 100 800 550 5,000 10,000 5,550 $23,400 1,100 0 600 800 0 10,000 2,700 $15,200 Total liabilities and shareholders' equity