Presented below is the 2024 income statement and comparative balance sheet information for Tiger Enterprises. TIGER ENTERPRISES Income Statement For the Year Ended December 31, 2024 (\$ in thousands) Sales revenue $7,420 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 12/31/2025) Common stock Retained earnings Total liabilities and shareholders' equity $3,430 310 170 1,870 December 31, 2024 5,7801,640(670)$970December31,2023 $370 $270 820900 710670 8555 2,4502,150 (980) (670) $3,455 $3,375 $370 $430 370 470 270 220 870670 970870 \begin{tabular}{rr} 605 & 715 \\ \hline$3,455 & $3,375 \\ \hline \end{tabular} Required: Prepare the cash flows from operating activities section of Tiger's 2024 statement of cash flows using the direct method. Assume that all purchases and sales of inventory are on account, and that there are no anticipated bad debts for accounts receivable. Note: Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands