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.

1 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 eees) 44.5/50 points awarded 2018 2017 Scored Assets Cash Accounts receivable Short-term investment Inventory Land Buildings and equipment Less: Accumulated depreciation $ 79 $ 83 33 83 58 525 (127) $ 734 40 85 12 80 70 420 (85) 622 $ $ 29 4 4 6 Liabilities Accounts payable Salaries payable Interest payable Income tax payable Notes payable Bonds payable Shareholders' Equity Connon stock Paid-in capital-excess of par Retained earnings 37 7 2. 11 21 120 162 265 220 145 110 119 94 $ 734 $ 622 WRIGHT COMPANY Income Statement For Year Ended December 31, 2018 ($ in 888) Revenues: Sales revenue $ 370 Expenses: Cost of goods sold $ 150 Salaries expense 49 Depreciation expense 42 Interest expense 11 Loss on sale of land 6 Income tax expense 52 318 Net income $ 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. 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 (Le.. 5,000 should be entered as 5).) 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 9. Net Income was $60.000 and cash dividends of $35.000 were paid to shareholders. Required: Prepare the statement of cash flows of Wright Company for the year ended December 31, 2018. Present cash flows from operating activities by the direct method. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands (Le., 5.000 should be entered as 5).) WRIGHT COMPANY Statement of Cash Flows For year ended December 31, 2018 ($ in 000s) Cash flows from operating activities: Cash inflows: From customers $ 372 Cash outflows: To suppliers of goods (161) Sale of bonds payable (52) For income taxes (57) > 00 OOO IS 102 Net cash flows from operating activities. Cash flows from investing activities: Sale of land Purchase of short-term investment Purchase of equipment OOOO 8 (21) (105) (120) Net cash flows from investing activities Cash flows from financing activities: Sale of bonds payable Payment of cash dividends Repayment of notes payable For interest Sale of common stock 10 42 (35) (21) (9) 80 o > 39 Net cash flows from financing activities 57 Net increase in cash Cash balance, January 1 40 Cash balance, December 31 $ 79 Red Last indicate response was expected in a lor a formula-based calculation is correct; no ponto deducted