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 95 $ 85 Accounts receivable 126 130 Short-term investment 61 30 Inventory 130 125 Land 94 115 Buildings and equipment Less: Accumulated depreciation 665 510 (181) (130) S 990 865 Liabilities Accounts payable Salaries payable Interest payable Income tax payable Notes payable 37 46 5 14 0 31 Bonds payable Shareholders' Equity 272 210 Common stock 360 310 Paid-in capital-excess of par Retained earnings 180 155 122 87 $ 865 S 990 WRIGHT COMPANY Income Statement For Year Ended December 31, 2018 ($ in 000s) Revenues: Sales revenue Expenses: Cost of goods sold Salaries expense Depreciation expense Interest expense $550 $ 240 50 51 20 Loss on sale of land 94 460 Income tax expense $ 90 Net income Additional information from the accounting records: a. Land that originally b. The common stock of Microsoft Corporation was purchased for $31,000 as a short-term investment not classified as a cash equivalent. c. New equipment was purchased for $155,000 cash d. A $31,000 note was paid at maturity on January 1 e. On January 1, 2018, bonds were sold at their $62,000 face value. f Common stock ($50,000 par) was sold for $75,000. g. Net income was $90,000 and cash dividends of $55,000 were cost $21.000 was sold for $16.000. paid to shareholders. WRIGHT COMPANY Statement of Cash Flows For year ended December 31, 2018 ($ in 000s) Cash flows from operating activities: Cash inflows: From customers Cash outflows: 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 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 Net cash flows from financing activities Cash balance, January 1 Cash balance, December 31 $ 0 Comparative balance sheets for 2018 and 2017 and a statement of income for 2018 are glven below for Metagrobolize Industries. Additional information from the accounting records of Metagrobolize also is provided. METAGROBOLIZE INDUSTRIES Comparative Balance Sheets December 31, 2018 and 2017 ($in 000s) 2018 2017 ASsets Cash 500 S 305 Accounts receivable Inventory 590 310 740 410 Land 750 735 Building Less: Accumulated depreciation Equipment Less: Accumulated depreciation 700 700 (200) 3,100 (397) 1,200 (185) 2,870 (360) 1,450 Patent $6,983 $6,235 Liabilities Accounts payable Accrued expenses payable 840 S 640 270 230 Lease liability-land Shareholders' Equity 130 C 3,700 3,500 Common stock Paid-in capital-excess of par 550 540 1,493 1,325 Retained earnings $6,983 $ 6,235 METAGROBOLIZE INDUSTRIES Income Statement For the Year Ended December 31, 2018 (S in 000s) Revenues Sales revenue $2,894 90 $2,984 Gain on sale of land Expenses Cost of goods sold Depreciation expense-building Depreciation expenseequipment Loss on sale of equipment Amortization of patent Operating expenses $1,040 15 496 20 250 400 2,221 $ 763 Net income Additional information from the accounting records: a. Annual payments of $20,000 on the finance lease liability are paid each January 1, beginning in 2018. b. During 2018, equipment with a cost of $510,000 (90 % depreciated) was sold. c. The statement of shareholders' equity reveals reductions of $210,000 and $385,000 for stock dividends and cash dividends, respectively. METAGROBOLIZE INDUSTRIES Statement of Cash Flows For year ended December 31, 2018 (S in 000s) Cash flows from operating activities: Cash inflows: From customers Cash outflows: To suppliers of goods For operating expenses 0 Cash flows from investing activities: Purchase of equipment Sale of land Sale of equipment 0 Cash flows from financing activities: Payment on lease liability Payment of cash dividends 0 0 Noncash investing and financing activities