Presented below is the 2018 income statement and comparative balance sheet information for Tiger Enterprises TIGER ENTERPRISES Income Statement For the Year Ended December 31, 2018 $ in thousands) $11,500 Sales revenue Operating expenses: $4,300 330 550 2,700 Cost of goods sold Depreciation Insurance Administrative and other Total operating expenses 7,880 3,620 1,448 $ 2,172 Income before income taxes Income tax expense Net income Balance Sheet Information ($ in thousands) Assets Cash Accounts receivable Inventory Prepaid insurance Plant and equipment Dec. 31,2018 Dec. 31, 2017 $ 480 795 775 140 3,000 $290 920 690 65 2,250 690 $ 3,525 Less: Accumulated depreciation (1,020) Total assets 4,170 Liabilities and Shareholders Equity: Accounts payable Payables for administrative and other expenses Income taxes payable Note payable (due 12/31/2019) Common stock Retained earnings $345 $ 450 490 260 1,120 1,080 1,020 $ 4,170 240 800 890 655 Total 1iabilities and shareholders' equity $ 3,525