Problem $21-2($Static$)$ Statement of cash flows; direct method $[$LO$21-3,21-8]$

The comparatlve balance sheets for $2024$ and $2023$ and the statement of Income for $2024$ are given below for Wright Company.

Additional Information from Wright's accounting records is provided also.

Addit$/$onal $/$informat$/$on from the account$/$ing 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

equlvalent

c$.$ New equipment was purchased for $$150,000$ cash.

d$.$ A $$30,000$ note was paid at maturlty on January $1.$

e$.$ On January $1,2024,$ bonds were sold at thelr $$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 pald to shareholders.

Requlred:

Prepare the statement of cash flows of Wright Company for the year ended December $31,2024.$ Present cash flows from operating

actlvitles by the direct method.

Note: Amounts to be deducted should be Indlcated with a minus sign. Enter your answers In thousands $($l$.$e$.,10,000$ should be

entered as $10).$