Get Wired, Inc. Income Statement Year Ended December 31, 2024 Net Sales Revenue Cost of Goods Sold Gross Profit 236,800 Operating Expenses: SalariesExpenseDepreciationExpense-PlantAssetsOtherOperatingExpensesTotalOperatingExpenses$15,000100,40074,40011,000136,400 Other Income and (Expenses): Interest Revenue Interest Expense (21,200) Total Other Income and (Expenses) Net Income Before income Taxes: \begin{tabular}{r} (12,200) \\ \hline 124.200 \\ 19.800 \end{tabular} Year Ended December 31, 2024 Net Sales Revenue Cost of Goods Sold Gross Profit 236,800 Operating Expenses: Get Wired, Inc. Comparative Balance Sheet December 31, 2024 and 2023 20242023 Assets Current Assets: Liabilities Current Liabilities: Accounts Payable S 35,200 S 30.300 Accrued Liabilities 28.500 30.400 Long-term Assets: \begin{tabular}{lrr} Land & 35,400 & 11,000 \\ \hline Plant Assets & 117,520 & 110,520 \\ Accumulated Depreciation-Plant Assets & (21,620) & (16,820) \\ \cline { 2 - 4 } Total Assets & $263,300 & $36,400 \\ \hline \end{tabular} Liabilities Current Liabilities: Accounts Payable $35,200$28,50030,30030,400 Accrued Liabilities Long-term Liabilities: \begin{tabular}{lrr} \multicolumn{1}{c}{ Notes Payable } & 72,000 & 102,000 \\ Total Liabilities & 135,700 & 162,700 \end{tabular} Stockholders' Equity Common Stock, no par Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity \begin{tabular}{rr} 88,300 & 64,900 \\ 39,300 & 8,800 \\ \hline 127,600 & 73,700 \\ \hline263,300 \\ \hline \end{tabular} Total Cash Payments Net Cash Provided by (Used for) Openating Activites Requirement 1. Prepare the 2024 Statement of Cash Flows by the direct method. (Use a minus sign or parentheses for amounts that result in a decrease in cash. If a box is not used in the statement, leave the box empty; do not. select a label or enter a zero.) Complete the statement one section at a time, beginning with the cash flows from operating activities. 1. Prepare the 2024 statement of cash flows by the direct method. 2. How will what you learned in this problem help you evaluate an investment? Additionally, Get Wired purchased land of $24,400 by financing it 100% with long-term notes payable during 2024. During the year, there were no sales of land, no retirements of stock, and no treasury stock transactions. A plant asset was disposed of for $0. The cost and accumulated depreciation of the disposed asset was $10,200. The plant acquisition was for cash