Net sales $ 2,490,000 Gain on sale of land 2,500 Total revenues 2,492,500 Expenses: Cost of goods sold $ 1,595,000 Operating expenses 604,000 Depreciation expense 22,000 Interest expense 23,000 Income tax expense 69,000 Total expenses 2,313,000 Net income $ 179,500 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2021 2020 Assets Current assets: Cash $ 178,760 $ 123,620 Accounts receivable 74,100 89,000 Inventory 143,500 134,000 Prepaid rent 3,340 5,280 Long-term assets: Investments 204,000 120,000 Land 209,500 259,000 Equipment 228,000 209,000 Accumulated depreciation (126,500 ) (104,500 ) Total assets $ 914,700 $ 835,400 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 29,500 $ 87,000 Interest payable 4,100 2,900 Income tax payable 26,600 29,500 Long-term liabilities: Notes payable 255,000 236,000 Stockholders' equity: Common stock 339,000 290,000 Retained earnings 260,500 190,000 Total liabilities and stockholders equity $ 914,700 $ 835,400 Additional Information for 2021: Purchase additional investment in stocks for $84,000. Sell land costing $49,500 for $52,000, resulting in a $2,500 gain on sale of land. Purchase $19,000 in equipment by issuing a $19,000 long-term note payable to the seller. No cash is exchanged in the transaction. Declare and pay a cash dividend of $109,000. Issue common stock for $49,000. Required: Prepare the statement of cash flows for Virtual Gaming Systems using the direct method. Disclose any noncash transactions in an accompanying note.