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		$	2,540,000
Gain on sale of land			4,000
Total revenues			2,544,000
Expenses:
Cost of goods sold	$ 1,620,000
Operating expenses	609,000
Depreciation expense	27,000
Interest expense	28,000
Income tax expense	74,000
Total expenses			2,358,000
Net income		$	186,000

VIRTUAL GAMING SYSTEMS Balance Sheet December 31
	2015		2014
Assets
Current assets:
Cash	$	277,260	$	217,920
Accounts receivable		70,600		86,000
Inventory		151,000		139,000
Prepaid rent		4,240		6,480
Long-term assets:
Investments		199,000		110,000
Land		212,000		264,000
Equipment		238,000		214,000
Accumulated depreciation		(134,000)		(107,000)
Total assets	$	1,018,100	$	930,400
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable	$	32,000	$	92,000
Interest payable		4,500		3,400
Income tax payable		22,600		26,000
Long-term liabilities:
Notes payable		253,000		229,000
Stockholders' equity:
Common stock		394,000		340,000
Retained earnings		312,000		240,000
Total liabilities and stockholders equity	$	1,018,100	$	930,400

Additional Information for 2015:
1.	Purchase additional investment in stocks for $89,000.
2.	Sell land costing $52,000 for $56,000, resulting in a $4,000 gain on sale of land.
3.	Purchase $24,000 in equipment by borrowing $24,000 with a note payable due in three years. No cash is exchanged in the transaction.
4.	Declare and pay a cash dividend of $114,000.
5.	Issue common stock for $54,000.

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.)