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. 2017 $ WRIGHT COMPANY Comparative Balance Sheets December 31, 2018 and 2017 ($ in 000s) 2018 Assets Cash $ 79 Accounts receivable 83 Short-term investment 33 Inventory 83 Land 58 Buildings and equipment 525 Less: Accumulated depreciation (127) $ 734 Liabilities Accounts payable $ 29 Salaries payable 4 Interest payable 4 Income tax payable Notes payable 0 Bonds payable 162 Shareholders' Equity Common stock 265 Paid-in capital-excess of par 145 Retained earnings 119 $ 734 223323 40 85 12 80 70 420 (85) 622 $ 37 7 7 2 11 21 120 162 220 110 94 $ 622 $ 370 WRIGHT COMPANY Income Statement For Year Ended December 31, 2018 ($ in 0005) Revenues : Sales revenue Expenses: Cost of goods sold $ 150 Salaries expense 49 Depreciation expense 42 Interest expense 11 Loss on sale of land 6 Income tax expense 52 Net income 310 $ 60 Additional information from the accounting records: a. Land that originally cost $12,000 was sold for $6,000. b. The common stock of Microsoft Corporation was purchased for $21,000 as a short-term investment not classified as a cash equivalent c. New equipment was purchased for $105,000 cash. d. A $21,000 note was paid at maturity on January 1. e. On January 1, 2018, bonds were sold at their $42,000 face value. f. Common stock ($45,000 par) was sold for $80,000. g. Net income was $60,000 and cash dividends of $35,000 were paid to shareholders