16- 1276 SECTION Additional Financial Reporting The companie balance sheets for 2001 2000 and the statement of income for 2001 we given below for Wrigh Company. Additional information from Wrigh'ccounting record is providedale P21-2 Statement of cash flows: direct method L021-3 LO21-8 WRIGHT COMPANY Comparative Balance sheets December 31, 2021 and 2020 thousands 2021 2020 $ 30 Cash Accounts receivable Short-term investment Inventory Land Buildings and equipment Less Accumulated depreciation $42 73 40 75 50 550 15 20 60 400 175 $575 $ 715 $20 Labilities Accounts payable Salaries poble Interest payable Income tax payable Notes payable Bonds payable Shareholders Equity Common stock Paid in capite of par Retained eaming $ 35 5 3 12 30 100 9 0 160 250 126 135 200 100 90 5715 $575 $300 WRONT COMPANY Income Statement For Year Ended December 31, 2021 151 Sin thousand Revers Sales revenue Expenses: Cost of goods old $130 45 Salaries expense Depreciation expense 40 Interest expense 12 3 Loss on sale of land 70 Income tax expere Net Income 300 5 80 Additional formation from the counting records Land that originally cost $10.000 sold for $7.000 The common stock of Micronel Corporation was parched for 525.000 as a short-term investment no clas sified as a cash equivalent New equipment a parchased for S150.000 cash d. A $30.000 note was paid at maturity January 1. .. Onlary L. 121, bonds were sold at their 560,000 face value Coomon stock (550,000 par was sold for $76,000 Net income was $0.00 and cash dividends of $35.000 were paid to shareholders Rego Prepare the statement of cash flows of Wrigh Company for the year ended December 31, 2001. Present cash flows from operating activities by the direct method (You nwy omit the schedule to reconcile net income with cash flows from operating activities)