2 3 points eBook Print 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. WRIGHT COMPANY Comparative Balance Sheets December 31, 2021 and 2020 ($ in thousands) 2e21 2020 Assets Cash $ 127 $ 115 Accounts receivable 157 160 Short-term investment 59 22 Inventory 159 155 Land 118 145 Buildings and equipment 755 578 Less: Accumulated depreciation (217) (160) $1,158 1, ee7 Liabilities Accounts payable $ 48 $ 52 Salaries payable 4 8 Interest payable 8 6 Income tax payable 9 14 Notes payable 37 Bonds payable 344 278 Shareholders' Equity Connon stock 430 370 Paid-in capital-excess of par 185 Retained earnings 100 65 $1,158 $1,07 Reference: 215 WRIGHT COMPANY Income Statement For Year Ended December 31, 2021 ($ in thousands) Revenues: Sales revenue $ 660 Expenses: Cost of goods sold $ 380 Salaries expense 92 Depreciation expense 57 Interest expense 20 Loss on sale of land 3 Income tax expense 98 570 Net income $ 98 ***** Additional information from the accounting records: a. Land that originally cost $27.000 was sold for $24,000. b. The common stock of Microsoft Corporation was purchased for $37.000 as a short-term Investment not classified as a cash equivalent. c. New equipment was purchased for $185.000 cash. d. A $37.000 note was paid at maturity on January 1. e. On January 1, 2021, bonds were sold at their $74.000 face value. f. Common stock ($60,000 par) was sold for $90,000. g. Net Income was $90,000 and cash dividends of $55.000 were paid to shareholders. Required: Prepare the statement of cash flows of Wright Company for the year ended December 31, 2021. Present cash flows from operating activities by the direct method. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands (Le., 10.000 should be entered as 10).) WRIGHT COMPANY Statement of Cash Flows For the year ended December 31, 2021 ($ in thousands) Cash flows from operating activities: Cash inflows: Cash outflows Mc Graw Hill