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) Assets Cash Accounts receivable Short-term investment Inventory Land Buildings and equipment Less: Accumulated depreciation Liabilities Accounts payable Salaries payable Interest payable Income tax payable Notes payable Bonds payable 2021 2020 $ 125 $ 110 151 155 56 20 155 150 114 140 740 560 (211) (155) $1,130 980 $ 46 $ 51 4 7 4 9 13 36 332 260 Shareholders' Equity Common stock 435 360 Paid-in capital-excess of par 200 180 Retained earnings 99 69 $1,130 $ 980 WRIGHT COMPANY Income Statement For Year Ended December 31, 2021 ($ in thousands) Revenues: Sales revenue Expenses: Cost of goods sold Salaries expense Depreciation expense Interest expense $ 640 $ 290 95 56 19 Loss on sale of land 4 Income tax expense 96 560 Net income $ 80 Additional information from the accounting records: a. Land that originally cost $26,000 was sold for $22,000. b. The common stock of Microsoft Corporation was purchased for $36,000 as a short-term investment not classified as a cash equivalent. c. New equipment was purchased for $180,000 cash. d. A $36,000 note was paid at maturity on January 1. e. On January 1, 2021, bonds were sold at their $72,000 face value. f. Common stock ($75,000 par) was sold for $95,000. g. Net income was $80,000 and cash dividends of $50,000 were paid to shareholders. Required: Prepare the statement of cash flows of Wright Company for the year ended December 31, 2021. Present cash flows from operating activities by the direct method. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands (i.e., 10,000 should be entered as 10).) WRIGHT COMPANY Statement of Cash Flows For the year ended December 31, 2021 ($ in thousands) Cash flows from operating activities: Cash inflows: For income taxes Cash outflows: For interest From customers Payment of dividends $ 2,334 6,574 5,645 435 Payment of dividends 535 For interest 2,424 Sale of bonds payable 1,324 Net cash flows from operating activities. $ 19,271 Cash flows from investing activities: Repayment of notes payable Sale of land 2,157 2,421 From customers For interest To employees From customers Net cash flows from investing activities Cash flows from financing activities: For income taxes 5,685 563 3,525 14,351 123 Net cash flows from investing activities Cash flows from financing activities: For income taxes From customers 123 3,252 241 14,351 For income taxes Repayment of notes payable 2,435 For interest 325 Payment of dividends 2,414 Net cash flows from financing activities 8,790 Net increase (decrease) in cash 23,525 Cash balance, January 1 3,242 Cash balance, December 31 $ 26,767