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, 2018 $ 2,430,000 6,500 Net sales Gain on sale of land 2,436,500 Total revenues Expenses Cost of goods sold Operating expenses Depreciation expense Interest expense Income tax expense $1,565,000 598,000 16,000 17,000 63,000 2,259,000 Total expenses $ 177,500 Net income VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2018 2017 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Investments Land 81,420 S 68,700 134,500 2,980 25,740 83,000 128,000 4,560 198.000 208,500 216,000 (117,500) 120,000 255,000 203,000 (101.500) Equipment Accumulated depreciation Total assets 792,600 $ 717,800 Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities Notes payable Stockholders' equity: Common stock Retained earnings 26,500 S 3,400 30,200 81,000 2,300 32,500 242,000 255,000 230,000 130,000 273,000 204,500 717,800 792,600 $ Total liabilities and stockholders' equity Additional Information for 2018: 1. Purchase additional investment in stocks for $78,000. 2. Sell land costing $46,500 for $53,000, resulting in a $6,500 gain on sale of land 3. Purchase $13,000 in equipment by issuing a $13,000 long-term note payable to the seller. No cash is exchanged in the transaction 4. Declare and pay a cash dividend of $103,000. 5. Issue common stock for $43,000. Required: Prepare the statement of cash flows using the indirect method. Disclose any noncash transactions in an accompanying note. (List cash outflows an