Prepare the statement of cash flows assuming that Bronco prepares its financial statements according to Inter- national Financial Reporting Standards. Where IFRS allows flexibility, use the classification used most often in IFRS financial statements. Presented below is the 2016 income statement and comparative balance sheet information for Tiger Enterprises. TIGER ENTERPRISES Income Statement For the Year Ended December 31, 2016 $3,360 240 100 1,800 Dec. 31, 2016 ($ in thousands) Sales revenue Operating expenses: Cost of goods sold Depreciation Insurance Administrative and other Total operating expenses Income before income taxes Income tax expense Net income Balance Sheet Information ($ in thousands) Assets: Cash Accounts receivable Inventory 640 $7,000 5,500 1,500 600 $ 900 Dec. 31, 2015 $ 200 830 600 20 1,800 (600) $2,850 $ 360 400 150 600 800 540 $2,850 $ 300 750 Prepaid insurance Plant and equipment Less: Accumulated depreciation Total assets Liabilities and Shareholders Equity: Accounts payable Payables for administrative and other expenses Income taxes payable Note payable (due 12/31/2017) Common stock Retained earnings Total liabilities and shareholders equity Required: Prepare Tigers statement of cash flows, using the indirect method to present cash flows from operating activities. (Hint: You will have to calculate dividend payments.)