Presented below is the 2021 income statement and comparative balance sheet information for Tiger Enterprises. $ 9,500 6,840 2,660 (1,064) $ 1,596 Dec. 31, 2020 TIGER ENTERPRISES Income Statement For the Year Ended December 31, 2021 ($ in thousands) Sales revenue Operating expenses: Cost of goods sold $3,900 Depreciation expense 290 Insurance expense 350 General and administrative expense 2,300 Total operating expenses Income before income taxes Income tax expense Net income Balance Sheet Information ($ in thousands) Dec. 31,2021 Assets: Cash $ 400 Accounts receivable 775 Inventory 715 Prepaid insurance 100 Equipment 2,600 Less: Accumulated depreciation (940) Total assets $3,650 Liabilities and Shareholders' Equity: Accounts payable $ 325 Accrued liabilities (for general & administrative expense) 325 Income taxes payable 225 Notes payable (due 12/31/2022) 1,100 Common stock 1,000 Retained earnings 675 Total liabilities and shareholders' equity $3,650 $ 250 880 650 45 2,050 (650) $ 3,225 $ 410 450 200 850 850 465 $ 3,225 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.) 1,596 TIGER ENTERPRISES Statement of Cash Flows For the Year Ended December 31, 2021 ($ in thousands) Cash flows from operating activities: Net income | $ Adjustments for noncash effects: Depreciation expense Changes in operating assets and liabilities: Decrease in accounts receivable Increase in inventory Increase in prepaid insurance Decrease in accounts payable Decrease in accrued liabilities Increase in income taxes payable 1,596 Net cash flows from operating activities 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 1,596 Net cash flows from financing activities Net increase in cash Cash, January 1 Cash, December 31 $ 1,596