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 $ 105 150 18 145 135 WRIGHT COMPANY Comparative Balance Sheets December 31, 2018 and 2017 ($ in 0003) 2018 Assets Cash $ 121 Accounts receivable 148 Short-term investment 53 Inventory 148 Land 110 Buildings and equipment 725 Less: accumulated depreciation (205) $1,100 Liabilities Accounts payable $ 42 Salaries payable 4 Interest payable 9 Income tax payable 9 Notes payable 0 Bonds payable Shareholders' Equity Common stock 420 Paid-in capital-excess of par 195 Retained earnings 101 $1,100 550 (150) 953 $ 50 8 7 12 35 250 320 350 175 66 $ 953 WRIGHT COMPANY Income Statement For Year Ended December 31, 2018 ($ in 000) Revenues: Sales revenue $ 620 Expenses: Cost of goods sold $ 280 Salaries expense 88 Depreciation expense 55 Interest expense 18 Loss on sale of land 5 Income tax expense 94 540 Net income $ 80 Additional information from the accounting records: a. Land that originally cost $25,000 was sold for $20,000. b. The common stock of Microsoft Corporation was purchased for $35,000 as a short-term investment not classified as a cash equivalent c. New equipment was purchased for $175,000 cash. d. A$35,000 note was paid at maturity on January 1. e. On January 1, 2018, bonds were sold at their $70,000 face value. f. Common stock ($70,000 par) was sold for $90,000. g. Net income was $80,000 and cash dividends of $45,000 were paid to shareholders. VRIUNI UUMPANT Statement of Cash Flows For year ended December 31, 2018 ($ in 000s) Cash flows from operating activities: Cash inflows: From customers Cash outflows: To suppliers of goods Net cash flows from operating activities. Cash flows from investing activities: $ 0 Net cash flows from investing activities Cash flows from financing activities: 0 Saved Homework A $ 0 Net cash flows from operating activities. Cash flows from investing activities: 0 es Net cash flows from investing activities Cash flows from financing activities: Net cash flows from financing activities 0 Cash balance, January 1 Cash balance, December 31 $ 0