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 $ 3,360 240 100 1,800 $7,000 5,500 1,500 (600) $ 900 Dec. 31,2021 Dec. 31, 2020 $ 300 $ 200 750 830 640 50 2,100 600 20 1,800 (840) (600) $ 3,000 $ 2,850 $ 300 360 300 400 200 150 800 600 900 800 500 540 $ 3,000 $ 2,850