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The comparative balance sheets for 2018 and 2017 and the statement of income for 2018 are given below for Wright Company. Additional information from Wright's

The comparative balance sheets for 2018 and 2017 and the statement of income for 2018 are given below for Wright Company. Additional information from Wright's accounting records is provided also.

WRIGHT COMPANY Comparative Balance Sheets December 31, 2018 and 2017 ($ in 000s)
2018 2017
Assets
Cash $ 96 $ 80
Accounts receivable 122 125
Short-term investment 58 28
Inventory 124 120
Land 90 110
Buildings and equipment 645 500
Less: Accumulated depreciation (175 ) (125 )
$ 960 838
Liabilities
Accounts payable $ 37 $ 45
Salaries payable 4 6
Interest payable 7 4
Income tax payable 8 13
Notes payable 0 29
Bonds payable 258 200
Shareholders Equity
Common stock 345 300
Paid-in capitalexcess of par 170 150
Retained earnings 131 91
$ 960 $ 838

WRIGHT COMPANY Income Statement For Year Ended December 31, 2018 ($ in 000s)
Revenues:
Sales revenue $ 560
Expenses:
Cost of goods sold $ 230
Salaries expense 98
Depreciation expense 50
Interest expense 19
Loss on sale of land 5
Income tax expense 68 470
Net income $ 90

Additional information from the accounting records:

  1. Land that originally cost $20,000 was sold for $15,000.
  2. The common stock of Microsoft Corporation was purchased for $30,000 as a short-term investment not classified as a cash equivalent.
  3. New equipment was purchased for $145,000 cash.
  4. A $29,000 note was paid at maturity on January 1.
  5. On January 1, 2018, bonds were sold at their $58,000 face value.
  6. Common stock ($45,000 par) was sold for $65,000.
  7. Net income was $90,000 and cash dividends of $50,000 were paid to shareholders.

Required: Prepare the statement of cash flows of Wright Company for the year ended December 31, 2018. 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., 5,000 should be entered as 5).)

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