2 eBook Print References 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 (5 in thousands) 2021 2020 Assets Cash $ 85 Accounts receivable 126 130 Short-term investment 61 30 Inventory 110 125 Land 90 115 Bulldings and equipment 565 510 Less: Accumulated depreciation (130) $ 990 865 Liabilities Accounts payable 5 45 Salaries payable Interest payable 6 5 Income tax payable 14 Notes payable 31 Bonds payable 272 210 Shareholders' Equity Common stock 360 310 Pald.in capital excess of par 180 155 Retained was 122 $ $ $ 550 WRIGHT COMPANY Income Statement For Year Ended December 31, 2021 (5 in thousands) Ravenues Sales revenue Expenses Cost of goods sold $ 260 Salaries expense 50 Depreciation expense 51 Interest expense 20 Loss on sale of land Income tax expense 94 Net income B008 Print References 460 Additional information from the accounting records a. Land that originally cost $21.000 was sold for $16.000. b. The common stock of Microsoft Corporation was purchased for $31.000 as a short-term investment not classified as a cash equivalent c. New equipment was purchased for $155.000 cash. d. A $31.000 note was paid at maturity on January 1 e. On January 1, 2021, bonds were sold at their $62,000 face value. Common stock (550,000 par) was sold for $75.000 g. Net income was $90,000 and cash dividends of $55.000 were paid to shareholders. Required: Prepare the statement of cash flows of Wright Company for the year ended December 31, 2021. Present cash flows from operating activities by the direct method. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands (.e., 10,000 should be entered as 101.) 2 3 points WRIGHT COMPANY Statement of Cash Flows For the year ended December 31, 2021 ($ in thousands) Cash flows from operating activities Cash inflows From customers $ 554 Cash outflows To suppliers of goods To employees For interest For income taxes eBook Print References $ 554 Net cash flows from operating activities Cash flows from investing activities Purchase of equipment Sale of land Purchase of short-term investment 0 Nof cash flows from investing activities Cash flows from financing activities Repayment of notos payable 2 $ 554 Net cash flows from operating activities. Cash flows from investing activities: Purchase of equipment Sale of land Purchase of short-term investment 3 points eBook Print References 0 Net cash flows from investing activities Cash flows from financing activities: Repayment of notes payable Sale of bonds payable Sale of common stock Payment of dividends 0 Net cash flows from financing activities Net increase (decrease) in cash Cash balance, January 1 Cash balance, December 31 $ 0