Presented below is the 2018 income statement and comparative balance sheet information for Tiger Enterprises. $8,080 TIGER ENTERPRISES Income Statement For the Year Ended December 31, 2018 ($ in thousands) Sales revenue Operating expenses: Cost of goods sold $ 3,540 Depreciation 420 Insurance 280 Administrative and other 1,980 Total operating expenses Income before income taxes Income tax expense Net income Balance Sheet Information (s in thousands) Dec. 31, 2018 Assets: Cash 480 Accounts receivable 930 Inventory 820 Prepaid insurance 140 plant and equipment 3,000 Less: Accumulated depreciation (1.200) Total assets S 4.170 6,220 1,860 780 $1,080 Dec. 31, 2017 $ 380 1,010 780 110 2,700 (780) $4,200 (1, 200) $4.170 (780) $4,200 480 $ 540 580 480 Total assets Liabilities and Shareholders' Equity: Accounts payable Payables for administrative and other expenses Income taxes payable Note payable (due 12/31/2019) Common stock Retained earnings Total liabilities and shareholders' equity 380 330 780 980 980 1,080 770 $ 4,170 990 $4,200 Required: Prepare the cash flows from operating activities section of Tiger's 2018 statement of cash flows using the direct method. Assume that all purchases and sales of inventory are on account, and that there are no anticipated bad debts for accounts receivable. (Hint: Use T accounts for the pertinent items to isolate the information needed for the statement.) (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands.) TIGER ENTERPRISES Statement of Cash Flows For the Year Ended December 31, 2018 ($ in thousands) Cash flows from operating activities: Net cash flows from operating activities $ 0