The comparative balance sheets for 2021 and 2020 and the statement of income for 2021 are given below for Wright Company. Additional information from Wright?s accounting records is provided also.

Additional information from the accounting records:a. Land that originally cost $10,000 was sold for $7,000.b. The common stock of Microsoft Corporation was purchased for $25,000 as a short-term investment not classified as a cash equivalent.c. New equipment was purchased for $150,000 cash.d. A $30,000 note was paid at maturity on January 1.e. On January 1, 2021, bonds were sold at their $60,000 face value.f. Common stock ($50,000 par) was sold for $76,000.g. Net income was $80,000 and cash dividends of $35,000 were paid to shareholders.

Required:Prepare the statement of cash flows of Wright Company for the year ended December 31, 2021. Present cash flows from operating activities by the direct method. (You may omit the schedule to reconcile net income with cash flows from operating activities.)

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WRIGHT COMPANY Comparative Balance Sheets December 31, 2021 and 2020 (S in thousands) 2021 2020 Assets $ 30 $ 42 Cash Accounts receivable 73 75 Short-term investment 40 15 Inventory 75 70 Land 50 60 Buildings and equipment Less: Accumulated depreciation 550 400 (115) (75) $ 715 $575 Liabilities $ 28 $ 35 Accounts payable Salaries payable Interest payable Income tax payable Notes payable Bonds payable Shareholders' Equlty 2 5 3 12 30 160 100 200 Common stock 250 Paid-in capital-excess of par Retained earnings 126 100 135 90 $ 715 $575 WRIGHT COMPANY Income Statement For Year Ended December 31, 2021 ($ in thousands) Revenues: Sales revenue $380 Expenses: Cost of goods sold Salaries expense Depreciation expense Interest expense $ 130 45 40 12 Loss on sale of land Income tax expense 70 300 $ 80 Net income