The 2024 income statement and comparative balance sheet of Get Wired, Inc. follow. (Click the icon to view the income statement) (Click the icon to view the comparative balance sheet.) More info 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. 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? tequirement 1. Prepare the 2024 Statement of Cash Flows by the direct method. (Use a minus sign or parentheses for amounts hat 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. Get Wired, Ine. Income Statement Year Ended December 31, 2024 \begin{tabular}{lr|} Net Sales Revenue & $442,000 \\ \hline Cost of Goods Sold & 205,200 \\ \hline Gross Profit & 236,800 \\ \hline \end{tabular} Operating Expenses: \begin{tabular}{lrr|} Salaries Expense & $ & 74,400 \\ \hline Depreciation Expense-Plant Assets & 15,000 \\ \hline Other Operating Expenses & 11,000 \\ \cline { 2 - 3 } Total Operating Expenses & 100,400 \\ \cline { 2 - 3 } Operating income & 136,400 \end{tabular} Other Income and (Expenses): Interest Revenue Interest Expense (21,200) Total Other Income and (Expenses) Net income Before income Taxes Income Tax Expense Net income 124,200(12,200)$104,40019,800 Get Wired, Inc. Comparative Balance Sheet December 31, 2024 and 2023 Assets Current Assets: \begin{tabular}{lccc} \hline Cash & $ & 26,000S & 15,000 \\ \hline Accounts Receivable & 28,900 & 25,300 \\ \hline Merchandise Inventory & 79,100 & 91,400 \\ \hline Long-term Assets: & & \\ \hline Land & 35,400 & 11,000 \\ \hline Plant Assets & 117,520 & 110,520 \\ Accumulated Depreciation-Plant Assets & (21,620) & (16,820) \\ \hline Total Assets & 263,300 & 236,400 \\ \hline \end{tabular} Liabilities Current Liabilities: Accounts Payable Accrued Liabilities $28,50035,200S30,40030,300 Long-term Liabilities: Stockholders' Equity Common Stock, no par 88.30064.800 Total Assets \begin{tabular}{lll} $ & 263,300 & $36,400 \\ \hline \end{tabular} Liabilities Current Liabilities