Presented below is the 2021 income statement and comparative balance sheet information for Tiger Enterprises TIGER ENTERPRISES Income Statement For the Year Ended December 31, 2021 ($ in thousands) Sales revenue $9,000 Operating expenses: Cost of qoods sold $3,800 Depreciation expense 280 Insurance expense 300 General and administrative expense Total operating expenses 2,200 6,580 Income before income taxes 2,420 (968) Income tax expense $1,452 Net income Balance Sheet Information ($ in thousands) Dec. 31,2021 Dec. 31, 2020 Assets Cash 380 240 Accounts receivable 770 870 Inventory Prepaid insurance Equipment Less: Accumulated depreciation 700 640 90 40 2,500 2,000 (920) (640) $3,520 $3,150 Total assets Liabilities and Shareholders Equity Accounts payable 320 S 400 Accrued liabilities (for general & administrative expense) Income taxes payable Notes payable (due 12/31/2022) 320 440 220 190 1,040 800 Common stock 980 840 Retained earnings 640 480 $3,150 $3,520 Total liabilities and shareholders' equity Required: Prepare Tiger's statement of cash flows, using the indirect method to present cash flows from operating activities. (Hint: You will have to calculate dividend payments). (Enter your answers in thousands. Amounts to be deducted should be indicated with a minus sign.) TIGER ENTERPRISES Statement of Cash Flows For the Year Ended December 31, 2021 ($ in thousands) Cash flows from operating activities Net income $ 1,452 Adjustments for noncash effects: Depreciation expense 280 Changes in operating assets and liabilities: Decrease in accounts receivable 100 Increase in inventory (60) Increase in prepaid insurance Purchase of equipment Decrease in accounts payable Decrease in accrued liabilities Increase in income taxes payable Net cash flows from operating activities 1,772 Cash flows from investing activities: Issuance of notes payable Net cash flows from investing activities 0 Cash flows from financing activities: Issuance of common stock Dividends paid to shareholders Net cash flows from financing activities 0 Net increase in cash 1,772 Cash, January 1 240 2,012 Cash, December 31