SANTANA INDUSTRIES Income Statement For the Year Ended December 31, 2018 (S in thousands) Sales revenue Service revenue $ 14,250 3,400 Total revenue $17,650 Operating expenses : Cost of goods sold Selling General and administrative 7,200 2, 400 1,500 11.100 6,550 200 6,350 2,500 s 3,850 Total operating expenses Operating income Interest expense Income before income taxes Income tax expense Net income Dec. 31, Dec. 31, 2018 2017 Balance Sheet Information (S in thousands ) Assets: Cash Accounts receivable Inventory Prepaid rent Plant and equipment $ 7,350 2,200 2,5002/200 4,00000 150 300 14,500 12,000 5,100) (4,500) $23,400 $15,200 Less: Accumulated depreciation Total assets Liabilities and Shareholders Equitys Accounts payable Interest payable Deferred service revenue Income taxes payable Loan payable (due 12/31/2020) Common atock Retained earninga s 1,400 1,100 100 800 550 5,000 600 800 10,000 10,000 3,550 2,700 23,400 $15,200 Total liabilition and sharoholdero equsty Additional information for the 2018 fiscal year ($ in thousands); 1. Cash dividends of $1,000 were declared and paid. 2. Equipment costing $4,000 was purchased with cash. 3. Equipment with a book value of $500 (cost of $1,500 less accumulated depreciation of $1,000) was sold for $500 4. Depreciation of $1,600 is included in operating expenses Required Prepare Santana Industries' 2018 statement of cash flows, using the indirect method to present cash flows from operating activities (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands.)