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 Accounts receivable $ 95 $ 85 126 130 Short-term investment 61 30 Inventory 130 125 Land 94 115 Buildings and equipment 665 510 Less: Accumulated depreciation (181) (130) $ 990 865 Liabilities Accounts payable Salaries payable Interest payable Income tax payable Notes payable Bonds payable Shareholders' Equity Common stock Paid-in capital-excess of par Retained earnings $ 37 $ 46 5 6 8 0 272 7 5 14 31 210 360 310 180 155 122 87 $ 990 $ 865 WRIGHT COMPANY Income Statement For Year Ended December 31, 2021 Revenues: ($ in thousands) Sales revenue Expenses: Cost of goods sold Salaries expense Depreciation expense Interest expense Loss on sale of land Income tax expense Net income $ 550 460 $ 90 Additional information from the accounting records: a. Land that originally cost $21,000 was sold for $16,000. b. The common stock of Microsoft Corporation was purchased for $31,000 as a short-term investment not classified as a cash equivalent. c. New equipment was purchased for $155,000 cash. d. A $31,000 note was paid at maturity on January 1. e. On January 1, 2021, bonds were sold at their $62,000 face value. f. Common stock ($50,000 par) was sold for $75,000. g. Net income was $90,000 and cash dividends of $55,000 were paid to shareholders.