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 $ 82 $ 45 Accounts receivable 87 90 Short-term investment Inventory Land 36 14 89 85 62 75 Buildings and equipment 540 430 Less: Accumulated depreciation (133) (90) $ 763 649 Liabilities Accounts payable Salaries payable Interest payable Income tax payable Notes payable Bonds payable $ 29 $ 38 6 8 5 3 8 12 e 22 174 130 Shareholders' Equity Common stock Paid-in capital-excess of par Retained earnings WRIGHT COMPANY Income Statement For Year Ended December 31, 2021 Revenues: Sales revenue Expenses: ($ in thousands) 280 230 140 115 121 91 $ 763 $ 649 $ 390 Cost of goods sold $ 160 Salaries expense 46 Depreciation expense 43 Interest expense 12 Loss on sale of land 5 Income tax expense 54 320 Net income $ 70 Additional Information from the accounting records: a. Land that originally cost $13,000 was sold for $8,000. b. The common stock of Microsoft Corporation was purchased for $22,000 as a short-term Investment not classified as a cash equivalent. c. New equipment was purchased for $110,000 cash. d. A $22,000 note was paid at maturity on January 1. e. On January 1, 2021, bonds were sold at their $44,000 face value. f. Common stock ($50,000 par) was sold for $75,000. g. Net Income was $70,000 and cash dividends of $40,000 were paid to shareholders.