The comparative balance sheets for 2024 and 2023 and the statement of Additional information from Wright's accounting records is provided also. Assets Cash WRIGHT COMPANY Comparative Balance Sheets December 31, 2024 and 2023 ($ in thousands) 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 Shareholders' Equity Common stock Paid-in capital-excess of par Retained earnings 2024 2023 $ 96 $ 80 122 125 58 28 124 120 90 110 645 500 (175) (125) $ 960 838 $ 37 $ 45 4 6 7 4 8 13 29 258 200 345 300 170 150 131 91 $ 960 $ 838 WRIGHT COMPANY Income Statement For Year Ended December 31, 2024 ($ in thousands) Revenues: Sales revenue Expenses: Cost of goods sold Salaries expense Depreciation expense Interest expense Loss on sale of land Income tax expense Net income $ 560 $ 230 98 50 19 5 68 470 $ 90 Additional information from the accounting records: a. Land that originally cost $20,000 was sold for $15,000. b. The common stock of Microsoft Corporation was purchased for $30,000 as a short-term investment not classified as a cash equivalent. c. New equipment was purchased for $145,000 cash. d. A $29,000 note was paid at maturity on January 1. e. On January 1, 2024, bonds were sold at their $58,000 face value. f. Common stock ($45,000 par) was sold for $65,000. g. Net income was $90,000 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, 2024. Present cash flows from operating activities by the direct method. Note: 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). Additional information from the accounting records: a. Land that originally cost $20,000 was sold for $15,000. b. The common stock of Microsoft Corporation was purchased for $30,000 as a short-term investment not classified as a cash equivalent. c. New equipment was purchased for $145,000 cash. d. A $29,000 note was paid at maturity on January 1. e. On January 1, 2024, bonds were sold at their $58,000 face value. f. Common stock ($45,000 par) was sold for $65,000. g. Net income was $90,000 and cash dividends of $50,000 were paid to shareholders. Required: Prepare the statement of cash flows of Wright Company for the year ended December 31, 2024. Present cash flows from operating activities by the direct method. Note: Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands (i.e., 10,000 should be entered as 10). WRIGHT COMPANY Statement of Cash Flows For the year ended December 31, 2024 ($ in thousands) Cash flows from operating activities: Cash inflows: From customers Cash outflows: To suppliers of goods To employees For income taxes For interest Net cash flows from operating activities. Cash flows from investing activities: Purchase of short-term investment Purchase of equipment Sale of land Net cash flows from investing activities Cash flows from financing activities: Sale of bonds payable Sale of common stock Payment of dividends Repayment of notes payable Net cash flows from financing activities Net increase (decrease) in cash Cash balance, January 1 Cash balance, December 31