Income Statement Net sales 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 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2024 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Investments Land Equiprent Accumulated depreciation Total assets Liabilities and stockholders' Equity Current 11abilities: Accounts payable Interest payable Income tax payable Long-term 11abilities: Notes payable Stockholders' equity: Conmon stock Retained earnings Total 11abilities and stockholders' equity (x) Answer is complete burt not entirely correct. VTRTUAL GAMENG SYSTEMS Statement of Cash Flows For the Year Ended December 31, 2024 Cash Flows from Operating Activities: Net income $183,000 Adjustments to reconcile net income to net cash flows from operating activities: Depreciation expense Gain (on sale of land) Decrease in accounts receivable Increase in inventory Decrease in prepaid rent Decrease in accounts payable Decrease in interest payable Decrease in income tax payable \begin{tabular}{|c|} \hline Decrease in income tax payable \\ \hline Nlows from operating activities \\ \hline \end{tabular} Cash Flows from Investing Activities: \begin{tabular}{|l|} \hline Proceeds from sale of land \\ \hline Purchase investment in bonds \\ \hline \end{tabular} \begin{tabular}{|c|} \hline \\ \hline Net cash flows from investing activities \\ \hline Clash from Financing Activitis: \\ \hline \end{tabular} Cash Flows from Financing Activities