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 (S in thousands) $ 8,080 Sales revenue Operating expenses Cost of goods sold Depreciation Insurance Administrative and other $ 3,540 420 280 1,980 Total operating expenses 6,220 Income before income taxes Income tax expense 1,860 780 $1,080 Dec. 31 Net income Dec Balance Sheet Information (S in thousands) Assets: Cash Accounts receivable Inventory Prepaid insurance Plant and equipment 31, 2016 2015 $ 480 930 820 140 3,000 (1,200) $ 380 1,010 780 110 2,700 (780) Less: Accumulated depreciation Total assets $ 4,170 $ 4,200 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 $480 480 380 980 1,080 770 $540 580 330 780 980 990 Total liabilities and shareholders' equity $ 4,170 $ 4,200 Required Prepare the cash flows from operating activities section of Tiger's 2016 statement of cash flows using the direct method. Assume that all purchases and sales of inventory are on account, and that there are no anticipated bad debts for accounts receivable. (Hint: Use T-accounts for the pertinent items to isolate the information needed for the statement.) (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands.)