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.

WRIGHT COMPANY

Comparative Balance Sheets

December $31,2018$ and $2017$

$($$ in $000$s$)$

$20182017$

Assets

Cash $ $121$ $ $105$

Accounts receivable $148150$

Short$-$term investment $5318$

Inventory $148145$

Land $110135$

Buildings and equipment $725550$

Less: Accumulated depreciation $(205)(150)$

$ $1,100953$

Liabilities

Accounts payable $ $42$ $ $50$

Salaries payable $48$

Interest payable $97$

Income tax payable $912$

Notes payable $035$

Bonds payable $320250$

Shareholders$$ Equity

Common stock $420350$

Paid$-$in capital$$excess of par $195175$

Retained earnings $10166$

$ $1,100$ $ $953$

WRIGHT COMPANY

Income Statement

For Year Ended December $31,2018$

$($$ in $000$s$)$

Revenues:

Sales revenue $ $620$

Expenses:

Cost of goods sold $ $280$

Salaries expense $88$

Depreciation expense $55$

Interest expense $18$

Loss on sale of land $5$

Income tax expense $94540$

Net income $ $80$

Additional information from the accounting records:

Land that originally cost $$25,000$ was sold for $$20,000.$

The common stock of Microsoft Corporation was purchased for $$35,000$ as a short$-$term investment not classified as a cash equivalent.

New equipment was purchased for $$175,000$ cash.

A $$35,000$ note was paid at maturity on January $1.$

On January $1,2018,$ bonds were sold at their $$70,000$ face value.

Common stock $($$$70,000$ par$)$ was sold for $$90,000.$

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 $31,2018.$ 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 $($i$.$e$.,5,000$ should be entered as $5).)$