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 COPANY Comparative Balance Sheets December 31, 2018 and 2017 ($ in 000s) 2018 2017 Assets Cash 72 S 35 Accounts receivable 79 80 Short-term investment 30 10 Inventory 79 75 54 65 Land Buildings and equipment 510 410 (121) (80) Less: Accumulated depreciation 703 595 Liabilities Accounts payable Salaries payable 27 S 36 4 Interest payable Income tax payable Notes payable Bonds payable Shareholders' Equity 5 2 6 10 20 150 110 Common stock 250 210 Paid-in capital-excess of par Retained earnings 145 105 116 96 S 595 703 WRIGHT COMPANY Income Statement For Year Ended December 31, 2018 ($ in 000s) Revenues: Sales revenue 350 Expenses: Cost of goods sold Salaries expense Depreciation expense Interest expense $140 53 41 1C Loss on sale of land 50 300 Income tax expense $ 50 Net income Additional information from the accounting records: a. Land that originally cost $11,000 was sold for $5,000. b. The common stock of Microsoft Corporation was purchased for $20,000 as a short-term investment not classified as a cash equivalent c. New equipment was purchased for $100,000 cash. d. A $20,000 note was paid at maturity on January 1 e. On January 1, 2018, bonds were sold at their $40,000 face value. f. Common stock ($40,000 par) was sold for $80,000. q. Net income was $50,000 and cash dividends of $30,000 were paid to shareholders. WRIGHT COMPANY Statement of Cash Flows For year ended December 31, 2018 (S in 000s) Cash flows from operating activities: Cash inflows: From customers Cash outlows: To suppliers of goods To employees For interest For income taxes Net cash flows from operating activities Cash flows from investing activities: Sale of land Purchase of short-term investment Purchase of equipment 5 (20) (100) Net cash flows from investing activities Cash flows from financing activities: Repayment of notes payable Sale of bonds payable Sale of common stock Payment of cash dividends (115) (20) 40 80 (30) Net cash flows from financing activities Net increase in cash Cash balance, January 1 Cash balance, December 31 70