The comparative balance sheets for 2021 and 2020 and the statement of income for 2021 are given below for Wright Company. Additional information from Wright's accounting records is provided also. WRIGHT COMPANY Comparative Balance Sheets December 31, 2021 and 2020 ($ in thousands) 2021 2020 Assets Cash $ 102 $ 65 Accounts receivable 106 110 Short-term - 49 22 investment Inventory 109 105 Land 78 95 Buildings and 600 470 equipment Less: Accumulated (157) (110) depreciation $ 887 757 Liabilities Accounts payable $ 36 $ 42 Salaries payable 4 7 Interest payable Income tax payable 5 10 Notes payable Bonds payable Shareholders' Equity Common stock 340 270 Paid-in capital- 155 135 excess of par Retained earnings 92 $ 887 $ 757 NOU OO 26 170 117 $ 200 WRIGHT COMPANY Income Statement For Year Ended December 31, 2021 ($ in thousands) Revenues : Sales revenue $ 450 Expenses: Cost of goods sold Salaries expense 50 Depreciation expense Interest expense 16 Loss on sale of land Income tax 62 380 expense Net income $ 70 47 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, 2021, 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 $45,000 were paid to shareholders. Required: Prepare the statement of cash flows of Wright Company for the year ended December 31, 2021. Present cash flows from operating activities by the direct method. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands (i.e., 10,000 should be entered as 10).) Required: Prepare the statement of cash flows of Wright Company for the year ended December 31, 2021. Present cash flows from operating activities by the direct method. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands (i.e., 10,000 should be entered as 10).) WRIGHT COMPANY Statement of Cash Flows For the year ended December 31, 2021 ($ in thousands) 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 Net cash flows from financing activities Net increase (decrease) in cash Cash balance, January 1 Cash balance, December 31 $ 0