The income statement, balance sheet, and additional information for Virtual Gaming Systems are provided.

VIRTUAL GAMING SYSTEMS Income Statement For the Year Ended December 31, 2015
Net sales		$	2,480,000
Gain on sale of land			4,000
Total revenues			2,484,000
Expenses:
Cost of goods sold	$ 1,590,000
Operating expenses	603,000
Depreciation expense	21,000
Interest expense	22,000
Income tax expense	68,000
Total expenses			2,304,000
Net income		$	180,000

VIRTUAL GAMING SYSTEMS Balance Sheet December 31
	2015	2014
Assets
Current assets:
Cash	$	183,520	$	127,640
Accounts receivable		73,200		88,000
Inventory		142,000		133,000
Prepaid rent		3,280		5,160
Long-term assets:
Investments		183,000		100,000
Land		209,000		258,000
Equipment		226,000		208,000
Accumulated depreciation		(125,000)		(104,000)
Total assets	$	895,000	$	815,800
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable	$	29,000	$	86,000
Interest payable		3,800		2,800
Income tax payable		27,200		30,000
Long-term liabilities:
Notes payable		255,000		237,000
Stockholders' equity:
Common stock		328,000		280,000
Retained earnings		252,000		180,000
Total liabilities and stockholders equity	$	895,000	$	815,800

Additional Information for 2015:
1.	Purchase additional investment in stocks for $83,000.
2.	Sell land costing $49,000 for $53,000, resulting in a $4,000 gain on sale of land.
3.	Purchase $18,000 in equipment by borrowing $18,000 with a note payable due in three years. No cash is exchanged in the transaction.
4.	Declare and pay a cash dividend of $108,000.
5.	Issue common stock for $48,000.

Required:

Prepare the statement of cash flows using the indirect method. Disclose any noncash transactions in an accompanying note. (List cash outflows and any decrease in cash as negative amounts.)