Het sales Gain on sale of land Fotal revenues $2,450,0007,5002,457,500 Expenses: Cost of goods sold Operating expenses Depreciation expense Interest expense Income tax expense Total expenties Net incorse $180,5002,277,000 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 20242023 Assets Current assetst cash Accounts receivable Inventory Prepaid rent Long-term assets: Itventments Eand zquipment Accumulated depreciation Total assets iabilities and Stockholders" Equity Current 1iabilities: Acoounts payable Interest payable Income tax payable Long-term 1labilitiesi $27,5003,50029,000$83,0002,50031,500 Noten payable 5tockholders' equityi Connon atock Retained earnings Total liabilities and stockholdere" equity Additional Information for 2024: 1. Purchased additional investment in stocks for $80,000 2 Sold land for $55,000. The land originally was purchased for $47,500, resulting in a $7,500 gain being recorded at the time of the sale. 3. Purchased $15,000 in equipment by issuing a $15,000 long-term note payable to the seller. No cash was exchanged in the transaction. 4. Declared and paid a cash dividend of $105,000. 5. Issued common stock for $45,000 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.)