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) 2018 2017 $ 102 65 106 49 Assets Cash Accounts receivable Short-term investment Inventory Land Buildings and equipnent Less: Accumulated depreciation 109 78 SON 608 (157) (110 OM Liabilities Accounts payable Salaries payable Interest payable Income tax payable Notes payable Bonds payable Shareholders' Equity Common stock Paid-in capital-excess of par Retained earnings 270 135 887 757 Prev 1 of 15 D Next > Assignment #10 Saved Help Save & EX 450 WRIGHT COMPANY Income Statement For Year Ended December 31, 2018 ($ in eees) Revenues : Sales revenue Expenses: Cost of goods sold $ 280 Salaries expense Depreciation expense Interest expense Loss on sale of land Income tax expense Net income Additional information from the accounting records a. Land that originally cost $17.000 was sold for $12,000. b. The common stock of Microsoft Corporation was purchased for $27.000 as a short-term investment not classified as a cash equivalent. c. New equipment was purchased for $130,000 cash. d. A $26,000 note was paid at maturity on January 1 e. On January 1, 2018, bonds were sold at their $52,000 face value f. Common stock ($70,000 par) was sold for $90,000. g. Net income was $70,000 and cash dividends of $45,000 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 operatina activities by the direct method. (Amounts to be deducted should be indicated with a minus sian. Enter your answers in thousands Next ent #10 Saved Help Save & E uired: are the statement of cash flows of Wright Company for the year ended December 31, 2018. Present cash flows from operating wities by the direct method. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands 5,000 should be entered as 5).) WRIGHT COMPANY Statement of Cash Flows For year ended December 31, 2018 (S in 000s) sh flows from operating activities: sh inflows $ sh outflows 454 et cash flows from operating activities. ash flows from investing activities Piex 1 of 15 Next > ssignment #10 i Saved (6/1 Net cash flows from operating activities Cash flows from investing activities 12 (27) (130) (145) Nel cash flows from investing activities Cash flows from financing activities: (26) 52 90 45) Net cash flows from financing activities 37 Cash balance January 1 Cash balance December 31 $ 102