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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 accounting records is provided also. 90 WRIGHT COMPANY Comparative Balance Sheets December 31, 2018 and 2017 ($ in ees) 2018 2017 Assets Cash $ 90 $ 60 Accounts receivable 100 105 Short-term investment 46 20 Inventory 102 lee Land 74 Buildings and equipment 585 460 Less: Accumulated (151) (105) depreciation $ 846 730 Liabilities Accounts payable $ 34 $ 41 Salaries payable Interest payable Income tax payable Notes payable Bonds payable 210 160 Shareholders' Equity Common stock 325 260 Paid-in capital-excess of par 153 130 Retained earnings 105 85 $ 846 $ 730 WRIGHT COMPANY Income Statement For Year Ended December 31, 2018 ($ in 200s) Revenues : WRIGHT COMPANY Income Statement For Year Ended December 31, 2018 ($ in 200s) Revenues: Sales revenue $440 Expenses: Cost of goods sold $190 Salaries expense 55 Depreciation expense Interest expense Loss on sale of land Income tax expense 60 370 Net income 46 15 Additional information from the accounting records: a. Land that originally cost $16,000 was sold for $12,000. b. The common stock of Microsoft Corporation was purchased for $26,000 as a shor term investment not classified as a cash equivalent. c. New equipment was purchased for $125,000 cash. d. A $25,000 note was paid at maturity on January 1. e. On January 1, 2018, bonds were sold at their $50,000 face value. f. Common stock ($65,000 par) was sold for $88,000. g. Net income was $70,000 and cash dividends of $50,000 were paid to shareholders. Required: Prepare the statement of cash flows of Wright Company for the year ended Decembe 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 (.e., 5,000 should be entered as 5).) WRIGHT COMPANY Statement of Cash Flows thousands (i.e., 5,000 should be entered as 5).) WRIGHT COMPANY Statement of Cash Flows For year ended December 31, 2018 (5 in 000) Cash flows from operating activities Cash inflows: Cash outlows Net cash flows from operating activities Cash flows from investing activities: Net cash flows from investing activities Cash flows from financing activities: Net cash flows from financing activities Cash balance, January 1 Cash balance, December 31