Presented below is the 2021 income statement and comparative balance sheet information for Tiger Enterprises. $11,000 7,620 3,380 (1,352) $ 2,028 Dec. 31, 2020 TIGER ENTERPRISES Income Statement For the Year Ended December 31, 2021 ($ in thousands) Sales revenue Operating expenses: Cost of goods sold $ 4,200 Depreciation expense 320 Insurance expense 500 General and administrative expense 2,600 Total operating expenses Income before income taxes Income tax expense Net income Balance Sheet Information ($ in thousands ) Dec. 31,2021 Assets: Cash $ 460 Accounts receivable 790 Inventory 760 Prepaid insurance 130 Equipment 2,900 Less: Accumulated depreciation (1,000) Total assets $ 4,040 Liabilities and Shareholders' Equity Accounts payable $ 340 Accrued liabilities (for general & administrative expense) 340 Income taxes payable 240 Notes payable (due 12/31/2022) 1,060 Common stock 1,060 Retained earnings 1,000 Total liabilities and shareholders' equity $ 4,040 $ 2B0 910 680 60 2,200 (680) $ 3,450 $ 440 480 230 750 670 $ 3,450 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 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 abilities Increase in income taxes payable $ 0 Net cash flows from operating activities Cash flows from investing activities: Purchase of equipment 0 Net cash flows from Investing activities Cash flows from financing activities: Issuance of common stock Issuance of notes payable Dividends paid to shareholders 0 0 Net cash flows from financing activities Net increase in cash Cash, January 1 Cash, December 31 $ 0