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 00s) 2018 2017 Assets Cash 127 $ 115 Accounts receivable 157 160 Short-term investment 5922 Inventory 159 155 Land 118 145 Buildings and equipment 755 570 Less: Accumulated depreciation (217) (160) $1,158 1,007 Liabilities Accounts payable Salaries payable Interest payable Income tax payable Notes payable Bonds payable Shareholders' Equity Common stock Paid-in capital-excess of pa Retained earnings $1.158 $1,007 KCB B ags WRIGHT COMPANY Income Statement Por Year Ended December 31, 2018 ($ in 000) Revenues Sales revenue Expenses : Cost of goods sold $ 300 Salaries expense 92 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 $27,000 was sold for $24,000. b. The common stock of Microsoft Corporation was purchased for $37,000 as a short-term investment not classified as a cash equivalent. c. New equipment was purchased for $185,000 cash. d. A $37,000 note was paid at maturity on January 1. e. On January 1, 2018, bonds were sold at their $74,000 face value. f. Common stock ($60,000 par) was sold for $90,000. g. Net income was $90,000 and cash dividends of $55,000 were paid to shareholders. Additional information from the accounting records: a. Land that originally cost $27,000 was sold for $24,000. b. The common stock of Microsoft Corporation was purchased for $37.000 as a short-term investment not classified as a cash equivalent. c. New equipment was purchased for $185,000 cash. d. A $37,000 note was paid at maturity on January 1, e. On January 1, 2018, bonds were sold at their $74,000 face value. f. Common stock ($60,000 par) was sold for $90,000 g. Net income was $90,000 and cash dividends of $55,000 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 (i.e., 5,000 should be entered as 5).) COMPANY WRIGHT COMPANY Statement of Cash Flows For year ended December 31, 2018 (5 in 000s) Cash flows from operating activities: Cash inflows: Cash outflows: $ Net cash flows from operating activities. Cash flows from investing activities: Net cash flows from investing activities Cash flows from financing activities: Net cash flows from financing activities Cash balance, January 1 Cash balance, December 31