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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

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 $ 116 $ 95
Accounts receivable 136 140
Short-term investment 47 14
Inventory 137 135
Land 102 125
Buildings and equipment 695 530
Less: Accumulated depreciation (193 ) (140 )
$ 1,040 899
Liabilities
Accounts payable $ 40 $ 48
Salaries payable 2 6
Interest payable 8 5
Income tax payable 5 10
Notes payable 0 33
Bonds payable 296 230
Shareholders Equity
Common stock 390 330
Paid-in capitalexcess of par 187 165
Retained earnings 112 72
$ 1,040 $ 899

WRIGHT COMPANY Income Statement For Year Ended December 31, 2021 ($ in thousands)
Revenues:
Sales revenue $ 580
Expenses:
Cost of goods sold $ 260
Salaries expense 59
Depreciation expense 53
Interest expense 16
Loss on sale of land 5
Income tax expense 87 480
Net income $ 100

Additional information from the accounting records:

  1. Land that originally cost $23,000 was sold for $18,000.
  2. The common stock of Microsoft Corporation was purchased for $33,000 as a short-term investment not classified as a cash equivalent.
  3. New equipment was purchased for $165,000 cash.
  4. A $33,000 note was paid at maturity on January 1.
  5. On January 1, 2021, bonds were sold at their $66,000 face value.
  6. Common stock ($60,000 par) was sold for $82,000.
  7. Net income was $100,000 and cash dividends of $60,000 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).)

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