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B $ Net cash flows from operating activities Cash Flows from Investing Activities bed 0 Net cash flows from investing activities Cash Flows from Financing Activities ances Net cash flows from financing activities 0 Cash at the beginning of the period Cash at the end of the period Note: Noncash Activities $ 3 $ 0 75 Nel cash flows from operating activities Cash Flows from Investing Activities 8 02:12:56 Skloped 0 Net cash flows from investing activities Cash Flows from Financing Activities ook Roterences Not cash flows from financing activities 0 Cash at the beginning of the period Cash at the end of the period Note: Noncash Activities $ 0 MC 02.03.18 The income statement, balance sheets, and additional information for Virtual Gaming Systems are provided. VIRTUAL GAMING SYSTEMS Income statement For the year ended December 31, 2021 Net sales $2,400,000 Gain on sale of land 9,000 Total revenues 2,409,000 Expenses Cost of goods sold $1,550,000 Operating expenses 595,000 Depreciation expense 13,000 Interest expenso 14,000 Income tax expense 60,000 Total expenses 2,232,000 Not income 177.000 opped Book Print 5 ferences VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2021 2020 Assets Current asset Cash Accounts receivable Inventory Prepaid rent Long-term assets Investments $ 107,300 66,000 130,000 2.800 $ 50.800 80,000 125,000 4.200 175,000 100,000 Me Taw HIL Chapter 11 VIRTUAL GALING SYSTEMS Balance sheets December 31 2021 2020 $ 107,500 66.000 130,000 2,800 $50,000 00.000 125,000 4.200 Aaseta Current annets Cash Accounts receivable Tnventory Prepaid rent Long-term annesi Investments Land Equipment noemulated depreciation Total aset Liabilities and stockholders' quity Current liabilities Accounts payable Interent payable Income tax payable Long-term liabilities: Notes payable stockholders' equity Comon stock Retained earning Total liabilities and stockholdere equity 175.000 154,000 210.000 (113,000 $ 232,100 100.000 199,000 200,000 (100,000) $ 659,000 $ 25,000 3.100 32.000 $70,000 2.000 36.000 255,000 245,000 240.000 172,000 5.732, 100 200,000 100.000 3 3.75 point Additional Information for 2021 1. Purchase additional Investment in stocks for $75,000 2. Sell and costing $45,000 for $54,000, resulting in a $9,000 gain on sale of land. 3. Purchase $10.000 in equipment by Issuing a $10,000 long-term note payable to the seller. No cash is exchanged in the transaction 4. Declare and pay a cash dividend of $100.000, 5. Issue common stock for $40,000 02:00 pod Required: Prepare the statement of cash flows using the indirect method. Disclose any noncash transactions in an accompanying note. (List cash outflows and any decrease in cash as negative amounts.) VIRTUAL GAMING SYSTEMS Statement of Cash Flow For the Year Ended December 31, 2021 Cash Flows from Operating Activiti Adjustments to reconciberat come to net cash flows from operating sites B $ 0 Net cash flows from operating activities Cash Flows from Investing Activities sed 0 Net cash flows from investing activities Cash Flows from Financing Activities nes Net cash flows from financing activities 0 Cash at the beginning of the period Cash at the end of the period Note: Noncash Activities $