Prepare a statement of cash flows with Direct Method in Primary Format and add a note section for Indirect method

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

Additional Information for 2024:

Purchased additional investment in stocks for $95,000.

Sold land for $62,000. The land originally was purchased for $55,000, resulting in a $7,000 gain being recorded at the time of the sale.

Purchased $30,000 in equipment by issuing a $30,000 long-term note payable to the seller. No cash was exchanged in the transaction.

Declared and paid a cash dividend of $120,000.

Issued common stock for $60,000.

Required

Prepare Statement of Cashflows using Direct Method

Prepare a note section to reconcile Net Income to Net Operating Cashflows using Indirect method