Presented below are the 2018 income statement and comparative balance sheets for Santana Industries. SANTANA INDUSTRIES Income Statement For the Year Ended December 31, 2018 ($ in thousands) Sales revenue $ 17,250 Service revenue 6,400 Total revenue $ 23,650 Operating expenses: Cost of goods sold 8,700 Selling 3,900 General and administrative 3,000 Total operating expenses 15,600 Operating income 8,050 Interest expense 350 Income before income taxes 7,700 Income tax expense 4,000 Net income $ 3,700 Balance Sheet Information ($ in thousands) Dec. 31, 2018 Dec. 31, 2017 Assets: Cash $ 8,850 $ 3,550 Accounts receivable 5,500 3,700 Inventory 7,000 4,500 Prepaid rent 300 600 Plant and equipment 17,500 15,000 Less: Accumulated depreciation (6,600 ) (6,000 ) Total assets $ 32,550 $ 21,350 Liabilities and Shareholders Equity: Accounts payable $ 4,400 $ 2,600 Interest payable 250 0 Deferred service revenue 1,100 750 Income taxes payable 700 1,100 Loan payable (due 12/31/2020) 8,000 0 Common stock 11,500 11,500 Retained earnings 6,600 5,400 Total liabilities and shareholders' equity $ 32,550 $ 21,350 Additional information for the 2018 fiscal year ($ in thousands): Cash dividends of $2,500 were declared and paid. Equipment costing $7,000 was purchased with cash. Equipment with a book value of $2,000 (cost of $4,500 less accumulated depreciation of $2,500) was sold for $2,000. Depreciation of $3,100 is included in operating expenses. Required: Prepare Santana Industries' 2018 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.)