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 ($ in thousands) 2024 2023 Assets Cash $ 84 $ 50 Accounts receivable 91 95 Short-term investment 39 16 Inventory 96 90 Land 66 80 Buildings and equipment 555 440 Less: Accumulated depreciation (139) (95) $ 792 676 Liabilities Accounts payable $ 31 $ 39 Salaries payable 2 6 Interest payable 5 4 Income tax payable Notes payable Bonds payable Shareholders' Equity Common stock 8 13 0 23 186 140 295 240 Paid-in capital-excess of par Retained earnings 149 120 116 91 $ 792 $ 676 WRIGHT COMPANY Revenues: Income Statement For Year Ended December 31, 2024 Sales revenue Expenses: ($ in thousands) Cost of goods sold Salaries expense Depreciation expense Interest expense Loss on sale of land Income tax expense Net income $ 400 $ 170 43 44 13 4 56 330 $ 70 Additional information from the accounting records: a. Land that originally cost $14,000 was sold for $10,000. b. The common stock of Microsoft Corporation was purchased for $23,000 as a short-term investment not classified as a cash equivalent. c. New equipment was purchased for $115,000 cash. d. A $23,000 note was paid at maturity on January 1. e. On January 1, 2024, bonds were sold at their $46,000 face value. f. Common stock ($55,000 par) was sold for $84,000. g. Net income was $70,000 and cash dividends of $45,000 were paid to shareholders. Required: Prepare the statement of cash flows of Wright Company for the year ended December 31, 2024. Present cash flows from operating activities by the direct method. Note: Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands (i.e., 10,000 should be entered as 10). WRIGHT COMPANY Statement of Cash Flows For the year ended December 31, 2024 ($ in thousands) Cash flows from operating activities: