Sally's Hair Supply Income Statement For the Year Ended December 31, 2015 ($ in thousands) Sales revenue $ 15,000 Operating expenses: Cost of goods sold $ 5,000 Depreciation 400 Insurance 900 Administrative and other 3,400 Total operating expenses 9,700 Income before income taxes 5,300 Income tax expense 2,120 Net income $ 3,180 Balance Sheet Information ($ in thousands) Dec. 31, 2016 Dec. 31, 2015 Assets: Cash $ 620 $ 360 Accounts receivable 830 990 Inventory 810 760 Prepaid insurance 130 35 Plant and equipment 3,200 2,600 Less: Accumulated depreciation (1,160 ) (760 ) Total assets $ 4,430 $ 3,985 Liabilities and Shareholders' Equity: Accounts payable $ 380 $ 520 Payables for administrative and other expenses 380 560 Income taxes payable 360 310 Note payable (due 12/31/2017) 1,380 950 Common stock 1,100 960 Retained earnings 830 685 Total liabilities and shareholders' equity $ 4,430 $ 3,985 Required: Prepare Sally's Hair Supply's statement of cash flows, using the indirect method.