The comparative balance sheets for 2024 and 2023 and the statement of income for 2024 are given below for Wright Company. Additional information from Wright's accounting records is provided also. WRIGHT COMPANY Comparative Balance Sheets December 31, 2024 and 2023 Assets Cash Accounts receivable Short-term investment Inventory Land Buildings and equipment ($ in thousands) 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 $ 82 $ 45 87 90 36 14 89 85 62 75 540 430 (133) (90) $ 763 649 $ 29 $ 38 6 8 5 3 8 12 0 22 174 130 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 280 230 140 115 121 91 $ 763 $ 649 $ 390 $ 160 46 43 12 5 54 320 $ 70 Additional information from the accounting records: a. Land that originally cost $13.000 was sold for $8.000.