Question: The income statement balance sheets and additional information for Virtual

The income statement, balance sheets, and additional information for Virtual Gaming Systems are provided.

Additional Information for 2015:
1. Purchase additional investment in stocks for $95,000.
2. Sell land costing $55,000 for $62,000, resulting in a $7,000 gain on sale of land.
3. Purchase $30,000 in equipment by borrowing $30,000 with a note payable due in three years. No cash is exchanged in the transaction.
4. Declare and pay a cash dividend of $120,000.
5. Issue common stock for $60,000.

Prepare the statement of cash flows using the indirect method. Disclose any noncash transactions in an accompanyingnote.

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  • CreatedJuly 15, 2014
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