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 Operating expenses: Cost of goods sold Depreciation expense Insurance expense General and administrative expense Total operating expenses Income before income taxes Income tax expense Net income Balance Sheet Information ($ in thousands) Assets: Cash Accounts receivable Inventory Prepaid insurance Equipment Less: Accumulated depreciation Total assets Liabilities and Shareholders' Equity: Accounts payable Accrued liabilities (for general & administrative expense) Income taxes payable Notes payable (due 12/31/2022) Common stock Retained earnings Total liabilities and shareholders' equity $14,500 $ 4,900 390 850 3,300 9,440 5,060 (2,024) $ 3,036 Dec. 31, 2021 Dec. 31, 2020 $ 600 $ 350 825 980 795 750 120 30 3,100 2,550 (1,140) (750) $ 4,300 $ 3,910 $ 375 $ 510 375 550 355 300 1,320 900 1,080 950 795 700 $ 4,300 $ 3,910 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.) $ 14,500 TIGER ENTERPRISES Statement of Cash Flows For the Year Ended December 31, 2021 Cash flows from operating activities: Net income Adjustments for noncash effects: Depreciation expense Changes in operating assets and liabilities: Decrease in accounts payable Increase in inventory Increase in prepaid insurance ($ in thousands) Decrease in accounts payable Decrease in accrued liabilities (14,000) Increase in income taxes payable Net cash flows from operating activities $ 500 Cash flows from investing activities: Purchase of equipment Net cash flows from investing activities Cash flows from financing activities: Issuance of common stock Issuance of notes payable Dividends paid to shareholders Net cash flows from financing activities Net increase in cash Cash, January 1 Cash, December 31 0 0 500 $ 500