The income statement, balance sheets, and additional information for Peterson Incorporated are provided. Net sales PETERSON INCORPORATED Income Statement For the Year Ended December 31, 2024 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 $2,590,000 6,500 2,596,500 $1,645,000 614,000 32,000 33,000 79,000 2,403,000 $193,500 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Investments Land PETERSON INCORPORATED Balance Sheets December 31 2024 2023 $397,360 65,100 $332,820 81,000 158,500 144,000 4,540 7,080 194,000 100,000 214,500 269,000 248,000 219,000 (141,500) (109,500) Equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable $1,140,500 $1,043,400 Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity Additional Information for 2024: 1. Purchased additional investment in stocks for $94,000. $34,500 4,900 24,600 $97,000 3,900 28,500 263,000 234,000 449,000 390,000 364,500 290,000 $1,140,500 $1,043,400 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 of the 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.) PETERSON INCORPORATED