Prepare the statement of cash flows of Wright Company for the year ended December 31, 2021. Prepare a cash flows from operating activities by the direct method.

Revenues: Sales revenue Expenses: Cost of goods sold Salaries expense Depreciation expense Interest expense Loss on sale of land Income tax expense Net income \begin{tabular}{rr} 300 \\ \hline$80 \\ \hline \hline \end{tabular} Additional information from the accounting records: . Land that originally cost $10,000 was sold for $7,000. o. The common stock of Microsoft Corporation was purchased for $25,000 as a short-term investment not classified as a cash equivalent. c. New equipment was purchased for $150,000 cash. d. A $30,000 note was paid at maturity on January 1 . e. On January 1,2021 , bonds were sold at their $60,000 face value. Common stock ( $50,000 par) was sold for $76,000. g. Net income was $80,000 and cash dividends of $35,000 were paid to shareholders