this question is worth 54% of my final grade -- please DO NOT ANSWER IF YOU DO NOT KNOW!
The comparative balance sheets for 2016 and 2015 and the statement of income for 2016 are given below for Wright Company. Additional information from Wright's accounting records is provided also. WRIGHT COMPANY Comparative Balance Sheets December 31,2016 and 2015 {$ in 0005} 2016 2015 Assets Cash 3 149 $ 125 Accounts receivable 167ir 1?0 Short-term investment 64 25 Inventory 168 165 Land 126 155 Buildings and equipment 7'85 590 Less: Accumulated depreciation {229) {170) $1,230 $1,060 Liabilities Accounts payable $ 50 $ 54 Salaries payable 3 4 Interest payable 6 4 Income tax payable 5 10 Notes payable 0 39 Bonds payable 368 290 Shareholders' Equity Common stock 460 390 pFa'aIdIn capitalexcess of 219 195 Retained earnings 119 74 $1,230 $ 1,060 WRIGHT COMPANY Income Statement For Year Ended December 31, 2016 {35 in 0005} Revenues: Sales revenue $ 680 Expenses: Cost of goods sold $ 320 Salaries expense 90 . . 59 Depreciation expense Interest expense 11 Loss on sale of land 97 580 Income tax expense Net income $ 100 Additional information from the accounting records: a. Land that originally cost $29,000 was sold for $26,000. b. The common stock of Microsoft Corporation was purchased for $39,000 as a short-term investment not classified as a cash equivalent. c. New equipment was purchased for $195,000 cash. d. A $39,000 note was paid at maturity on January 1. e. On January 1, 2016, bonds were sold at their $78,000 face value. f. Common stock ($70,000 par) was sold for $94,000 g. Net income was $100,000 and cash dividends of $55,000 were paid to shareholders. Required: Prepare the statement of cash flows of Wright Company for the year ended December 31, 2016. Present cash flows from operating activities by the direct method. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands (i.e., 5,000 should be entered as 5).) For year ended December 31, 2010 ($ in 000s) Cash flows from operating activities: Cash inflows: Cash outflows: Net cash flows from operating activities. $ 0 Cash flows from investing activities: Net cash flows from investing activities 0 Cash flows from financing activities: Net cash flows from financing activities Cash balance, January 1 Cash balance, December 31 $ 0