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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 $ 143 $ 130
Accounts receivable 171 175
Short-term investment 70 30
Inventory 175 170
Land 130 160
Buildings and equipment 800 600
Less: Accumulated depreciation (235 ) (175 )
$ 1,254 1,090
Liabilities
Accounts payable $ 51 $ 55
Salaries payable 2 5
Interest payable 9 8
Income tax payable 6 12
Notes payable 0 40
Bonds payable 380 300
Shareholders Equity
Common stock 475 400
Paid-in capitalexcess of par 221 200
Retained earnings 110 70
$ 1,254 $ 1,090

WRIGHT COMPANY Income Statement For Year Ended December 31, 2021 ($ in thousands)
Revenues:
Sales revenue $ 700
Expenses:
Cost of goods sold $ 330
Salaries expense 95
Depreciation expense 60
Interest expense 12
Loss on sale of land 4
Income tax expense 99 600
Net income $ 100

Additional information from the accounting records:

  1. Land that originally cost $30,000 was sold for $26,000.
  2. The common stock of Microsoft Corporation was purchased for $40,000 as a short-term investment not classified as a cash equivalent.
  3. New equipment was purchased for $200,000 cash.
  4. A $40,000 note was paid at maturity on January 1.
  5. On January 1, 2021, bonds were sold at their $80,000 face value.
  6. Common stock ($75,000 par) was sold for $96,000.
  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).)

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 increase (decrease) in cash
Cash balance, January 1
Cash balance, December 31

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