The comparative balance sheets for 2018 and 2017 and the statement of income for 2018 are given Wright Company. Additional information from Wright's accounting records is provided also. below for 21-2 ash flows direct method LO21-3 WRIGHT COMPANY Comparative Balance Sheets December 31, 2018 and 2017 $ in thousands) LO21-8 2018 Assets s 42 73 40 75 s 30 75 15 Accounts receivable Short-term investment 550 (115) $ 715 60 400 (75) $575 Buildings and equipment Less: Accumulated depreciation s 28 s 35 Accounts payable Salaries payable Interest payable Income tax payabke Notes payable Bonds payable Shareholders Equity Common stock Paid-in capital-excess of par Retained earnings 12 30 100 160 250 126 135 200 100 90 715 $575 WRIGHT COMPANY Income Statement For Year Ended December 31, 2013 ($ in thousands) Sales revenue $380 Cost of goods sold Salaries expense Depreciation expense Interest expense Loss on sale of land Income tax expense $130 40 12 70 Net income $ 80 Additional information from the accounting records a. Land that originally cost $10,000 was sold for $7,000. b. The common stock of Microsoft Corporation was purchased for $25,000 as a short-term investment sified as a cash equivalent c. New equipment was purchased for $150,000 cash. d. A $30,000 note was paid at maturity on January 1 e. On Janary 1. 2018, boods were sold at their $60,000 face value. f. Common stock (S50.000 par) was sold for $76,000. g. Net income was $80,000 and cash dividends of $3 35,000 were paid to shareholders. the satement of cash flows of Wright Company for the year ended December 31, 2018. Present cash from operating activities by the direct method. (You may omit the schedule to reconcile net income with cash flows from operating activities.)