Problem 21-2 (Algo) Statement of cash flows; direct method (LO21-3, 21-8) 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. 2020 $ 53 148 WRIGHT COMPANY Comparative Balance Sheets December 31, 2021 and 2020 ($ in thousands) 2021 Assets Cash $ 121 Accounts receivable 148 Short-term investment Inventory Land 112 Buildings and equipment Less: Accumulated depreciation (205) $1,100 Liabilities Accounts payable Salaries payable Interest payable Income tax payable Notes payable Bonds payable Shareholders' Equity Common stock Paid-in capital-excess of par Retained earnings $1,100 105 150 18 145 135 550 (150) 953 725 5e 66 $ 953 WRIGHT COMPANY Income Statement For Year Ended December 31, 2021 (s in thousands) Revenues Sales revenue $ 620 Expenses: Cost of goods sold $280 Salaries expense 88 Depreciation expense Interest expense Loss on sale of land Income tax expense 94 540 Net Income $80 55 Additional information from the accounting records: a. Land that originally cost $25,000 was sold for $20,000 b. The common stock of Microsoft Corporation was purchased for $35.000 as a short-term investment not classified as a cash equivalent. c. New equipment was purchased for $175,000 cash. d. A $35,000 note was paid at maturity on January 1 e. On January 1, 2021, bonds were sold at their $70,000 face value. f. Common stock ($70,000 par) was sold for $90,000. g. Net income was $80,000 and cash dividends of $45,000 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 fi.e., 10,000 should be entered as 10).) WRIGHT COMPANY Statement of Cash Flows For the year ended December 31, 2021 (5 in thousands) Cash flows from operating activities: Cash inflows: Cash outfows: Net cash flows from operating activities. Cash flows from investing activities: Nel cash flows from investing activities Cash flows from financing activities