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 WRIGHT COMPANY Comparative Balance Sheets December 31, 2021 and 2020 ($ in thousands) 2021 Assets Cash $ 102 Accounts receivable 106 Short-term investment Inventory 109 Land Buildings and equipment 600 Less: Accumulated depreciation (157) $887 $ 65 110 49 22 105 95 470 (110) 42 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 222 170 340 270 135 155 117 $ 887 $ 757 WRIGHT COMPANY Income statement For Year Ended December 31, 2021 ($ in thousands) Revenues: Sales revenue Expenses: $450 Cost of goods sold Salaries expense $200 Depreciation expense Interest expense Loss on sale of land Income tax expense Net income Additional information from the accounting records a Land that originally cost $17,000 was sold for $12.000 b. The common stock of Microsoft Corporation was purchased for $27,000 as a short-term investment not classified as a cash equivalent c. New equipment was purchased for $130,000 cash. d. A $26.000 note was paid at maturity on January 1 e. On January 1, 2021, bonds were sold at their $52,000 face value. 1. Common stock ($70,000 par) was sold for $90,000 g. Net income was $70,000 and cash dividends of $45,000 were paid to shareholders. Required: Prepare the statement of cash flows of Wright Company for the year ended December 31 2021. Present cash flows from operating activities by the direct method. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands (i.e., 10,000 should be entered as 10).) WRIGHT COMPANY Statement of Cash Flows 34921 WRIGHT COMPANY Statement of Cash Flows For the year ended December 31, 2021 ($ in thousands) Cash flows from operating activities Cash inflows: Cash outflows. 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 Net increase (decrease) in cash Cash balance, January 1 Cash balance, December 31 Prev 1 of 1