Problem 11-4B (Algo) Prepare a statement of cash flows-indirect method (LO11-2, 11-3, 11-4, 11- 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, 2024 Net sales Gain on sale of land Total revenues Expenses: Cost of goods sold Operating expenses Depreciation expense Interest expense Income tax expense Total expenses Net income Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Investments Land Equipment Accumulated depreciation $1,645,000 614,000 32,000 33,000 79,000 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 Total assets Liabilities and Stockholders! Equity $2,590,000 6,500 2,596,500 2,403,000 $193,500 2024 $397,360 65,100 158,500 4,540 194,000 214,500 248,000 (141,500) 2023 $332,820 81,000 144,000 7,080 100,000 269,000 219,000 (109,500) $1,140,500 $1,043,400

Problem 11-4B (Algo) Prepare a statement of cash flows-indirect method (LO11-2, 11-3, 11-4, 11 The income statement, balance sheets, and additional information for -Virtual Gaming Systems are provided. Additional Information for 2024 : 1. Purchased additional investment in stocks for $94,000. 2. Sold land for $61,000. The land originally was purchased for $54,500, resulting in a $6,500 gain being recorded at the time sale. 3. Purchased $29,000 in equipment by issuing a $29,000 long-term note payable to the seller. No cash was exchanged in the transaction. 4. Declared and paid a cash dividend of $119,000. 5. Issued common stock for $59,000. Required: Prepare the statement of cash flows using the indirect method. Disclose any noncash transactions in an accompanying note. (Amounts to be deducted, cash outflows, and any decrease in cash should be indicated with a minus sign.) Prox 1 of 1 Next \begin{tabular}{|l|l|} \hline & \\ \hline Net cash flows from operating activities & Flows from Investing Activities: \\ \hline & \\ \hline Net cash flows from investing activities & \\ \hline Cash Flows from Financing Activities: & \\ \hline & \\ \hline & \\ \hline Net cash flows from financing activities & \\ \hline Cash at the beginning of the period & \\ \hline Cash at the end of the period & \\ \hline Note: Noncash Activities & \\ \hline & \\ \hline \end{tabular} Prex 1 of 1 Next