The income statement, balance sheets, and additional information for Virtual Gaming Systems are provided. Net sales VIRTUAL GAMING SYSTEMS Income Staterent 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 $2,440, 9,000 2,449,000 $1,578,000 599,000 17,000 18,000 64,000 2,268,000 $181,000 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Investments Land Equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: $114,560 69,600 136,880 3d 2824 2023 $55,720 84,088 129,800 14,688 110, 252,000 204 (1020) $737,400 189,00 285,800 218,000 (119,000) $816,200 Accounts payable 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 $79,000. $27,000 $82,0 3,600 2,400 29,600 32,vea 255,000 241,000 284,ved 240,000 217,000 140,ea $816.200 $737,400 2. Sold land for $56,000. The land originally was purchased for $47,000, resulting in a $9.000 gain being recorded at the time of the sale 3. Purchased $14,000 in equipment by issuing a $14,000 long-term note payable to the seller. No cash was exchanged in the transaction. 4. Declared and paid a cash dividend of $104,000. 5. Issued common stock for $44,000 Required: Prepare the statement of cash flows for Virtual Gaming Systems using the direct 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.) VIRTUAL GAMING SYSTEMS Statement of Cash Flows For the Year Ended December 31, 2024