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

VIRTUAL GAMING SYSTEMS Income Statement For the Year Ended December 31, 2015
Net sales		$	2,440,000
Gain on sale of land			9,000
Total revenues			2,449,000
Expenses:
Cost of goods sold	$ 1,570,000
Operating expenses	599,000
Depreciation expense	17,000
Interest expense	18,000
Income tax expense	64,000
Total expenses			2,268,000
Net income		$	181,000

VIRTUAL GAMING SYSTEMS Balance Sheet December 31
	2015		2014
Assets
Current assets:
Cash	$	114,560	$	55,720
Accounts receivable		69,600		84,000
Inventory		136,000		129,000
Prepaid rent		3,040		4,680
Long-term assets:
Investments		189,000		110,000
Land		205,000		252,000
Equipment		218,000		204,000
Accumulated depreciation		(119,000)		(102,000)
Total assets	$	816,200	$	737,400
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable	$	27,000	$	82,000
Interest payable		3,600		2,400
Income tax payable		29,600		32,000
Long-term liabilities:
Notes payable		255,000		241,000
Stockholders' equity:
Common stock		284,000		240,000
Retained earnings		217,000		140,000
Total liabilities and stockholders equity	$	816,200	$	737,400

Additional Information for 2015:
1.	Purchase additional investment in stocks for $79,000.
2.	Sell land costing $47,000 for $56,000, resulting in a $9,000 gain on sale of land.
3.	Purchase $14,000 in equipment by borrowing $14,000 with a note payable due in three years. No cash is exchanged in the transaction.
4.	Declare and pay a cash dividend of $104,000.
5.	Issue common stock for $44,000.

Required:

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