2020 $ 30 points 73 75 15 70 WRIGHT COMPANY Comparative Balance Sheets December 31, 2021 and 2020 ($ in thousands) 2021 Assets Cash $ 42 Accounts receivable Short-term investment 40 Inventory 75 Land 50 Buildings and equipment 550 Less: Accumulated depreciation (115) $ 715 Liabilities Accounts payable $ 28 Salaries payable Interest payable Income tax payable Notes payable Bonds payable 160 Shareholders' Equity Common stock 250 Paid-in capital-excess of par Retained earnings 60 400 (75) 575 eBook $ 35 Print 5 12 30 100 References 200 100 90 $ 575 WRIGHT COMPANY Income Statement For Year Ended December 31, 2021 ($ in thousands) Revenues : Sales revenue $ 380 Expenses : Cost of goods sold $ 130 Salaries expense 45 Depreciation expense Interest expense 12 Loss on sale of land Income tax expense 70 300 Net income $ 80 40 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. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands (i.e., 10,000 should be entered as 10).)