Net sales Gain on sale of land Total revenues Expenses: Cost of goods sold Operating expenses Depreciation expens Interest expense Income tax expense Total expenses Net income Additional Information for 2024: 1. Purchased additional investment in stocks for $95,000. 2. Sold land for $62,000. The land originally was purchased for $55,000, resulting in a $7,000gain being recorded at the time of the sale. 3. Purchased $30,000 in equipment by issuing a $30,000 long-term note payable to the seller. No cash was exchanged in the transaction. 4. Declared and paid a cash dividend of $120.000. 5. Issued common stock for $60.000. 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, cosh outflows, and any decrease in cash should be indicated with a minus sign.) Cash Flows from Operating Activities: \begin{tabular}{|l|l|l|} \hline \multicolumn{1}{|c|}{ Net cash flows from investing activities } \\ \hline Cash Flows from Financing Activities: \\ \hline & & \\ \hline Net cash flows from financing activities & & \\ \hline & & \\ \hline Cash at the beginning of the period & & \\ \hline Cash at the end of the period & & \\ \hline Note: Noncash Activities & & \\ \hline & \\ \hline \end{tabular}