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 ($ in thousands) Sales revenue $ 7,840 Operating expenses: Cost of goods sold $ 3,500 Depreciation 380 Insurance 240 Administrative and other 1,940 Total operating expenses 6,060 Income before income taxes 1,780 Income tax expense 740 Net income $ 1,040 Balance Sheet Information ($ in thousands) Dec. 31, 2016 Dec. 31, 2015 Assets: Cash $ 440 $ 340 Accounts receivable 890 970 Inventory 780 740 Prepaid insurance 120 90 Plant and equipment 2,800 2,500 Less: Accumulated depreciation (1,120 ) (740 ) Total assets $ 3,910 $ 3,900 Liabilities and Shareholders' Equity: Accounts payable $ 440 $ 500 Payables for administrative and other expenses 440 540 Income taxes payable 340 290 Note payable (due 12/31/2017) 940 740 Common stock 1,040 940 Retained earnings 710 890 Total liabilities and shareholders' equity $ 3,910 $ 3,900 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.)