9 Exercise 4-20 (Algo) Statement of cash flows; indirect method [LO4-8] 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) 7.18 points eBook Sales revenue Operating expenses: Cost of goods sold Depreciation expense Insurance expense General and administrative expense Total operating expenses Income before income taxes $ 8,000 $ 3,600 260 200 2,000 6,060 1,940 Print Income tax expense (776) Net income $ 1,164 Balance Sheet Information ($ in thousands) December 31, 2024 December 31, 2023 References Assets: Cash $ 340 $ 220 Accounts receivable 760 850 Inventory 670 620 Prepaid insurance 70 30 Equipment 2,300 1,900 Less: Accumulated depreciation (880) (620) Total assets $ 3,260 $ 3,000 Income taxes payable Liabilities and Shareholders' Equity: Accounts payable Accrued liabilities (for general & administrative expense) Notes payable (due 12/31/2025) $ 310 $ 380 310 420 210 170 920 700 Common stock Retained earnings Total liabilities and shareholders' equity Required: 940 820 570 510 $ 3,260 $ 3,000 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).