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) Sales revenue Operating expenses: $7,840 $ 3,500 380 240 1,940 Cost of goods sold Depreciation Insurance Administrative and other Total operating expenses Income before income taxes Income tax expense Net income 6,060 1,780 740 $1,040 Dec. 31,2018 Dec. 31, 2017 Balance Sheet Information ($ in thousands) Assets: Cash Accounts receivable Inventory Prepaid insurance Plant and equipment $ 440 890 780 120 2, 800 1,120 $ 3,910 $ 340 970 740 90 2,500 740 Less: Accumulated depreciation Total assets $3,900 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 440 340 940 1,040 710 $ 3,910 $ 500 540 290 740 940 890 Total liabilities and shareholders' equity $3,900 Required Prepare the cash flows from operating activities section of Tiger's 2018 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.)