Presented below are the 2018 income statement and comparative balance sheets for Santana Industries 524 SANTANA INDUSTRIES Income Statement For the Year Ended December 31, 201 ($ in thousands) Sales revenue $ 17,450 Service revenue 6,600 Total revenue Operating expenses: Cost of goods sold 8,800 Selling .000 General and administrati 109 Total operating expenses Operating income Interest expense Income before income taxes Income tax expense Net income 15,980 8,150 360 790 $ 3,690 roblems Part 20 2018 2017 $ 8,950 5.709 7,209 310 17,780 (6,700) $33,160 $ 3,640 3.888 4,689 629 15,280 (6,109) $21,760 Balance Sheet Information ($ in thousands) Assets: Cash Accounts receivable Inventory Prepaid rent Plant and equipment Less: Accumulated depreciation Total assets Liabilities and Shareholders' Equity: Accounts payable Interest payable Deferred service revenue Income taxes payable Loan payable (due 12/31/2020) Common stock Retained earnings Total liabilities and shareholder's' equity $ 2,790 760 1. 120 $ 4,600 260 1,120 710 8,200 11,600 6,670 $33,160 11,600 5,580 $21,760 Additional information for the 2018 fiscal year ($ in thousands): 1. Cash dividends of $2,600 were declared and paid. 2. Equipment costing $7,200 was purchased with cash. 3. Equipment with a book value of $2,100 (cost of $4,700 less accumulated depreciation of $2,600) was sold for $2,100. 4. Depreciation of $3,200 is included in operating expenses. Required: Prepare Santana Industries' 2018 statement of cash flows, using the indirect method to present cash flows from operatif (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands.) SANTANA INDUSTRIES Statement of Cash Flows For the Year Ended December 31, 2018 (S in thousands)