The income statement, balance sheets, and additional information for Peterson Incorporated are provided. Net sales PETERSON INCORPORATED Income Statement For the Year Ended December 31, 2024 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 $2,580,000 6,000 2,586,000 $1,640,000 613,000 31,000 32,000 78,000 2,394,000 $192,000 PETERSON INCORPORATED Balance Sheets December 31 2024 2023 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Investments Land Equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable $355,520 66,200 $291,840 82,000 157,000 143,000 4,480 6,960 213,000 120,000 214,000 268,000 246,000 218,000 (140,000) (109,000) $1,116,200 $1,020,800 Interest payable Income tax payable Long-term liabilities: Notes payable $34,000 5,000 24,200 $96,000 3,800 28,000 261,000 233,000 Stockholders' equity: Common stock 438,000 380,000 Retained earnings 354,000 280,000 Total liabilities and stockholders' equity $1,116,200 $1,020,800 Additional Information for 2024: Purchased additional investment in stocks for $93,000. Sold land for $60,000. The land originally was purchased for $54,000, resulting in a $6,000 gain being recorded at th of the sale. Purchased $28,000 in equipment by issuing a $28,000 long-term note payable to the seller. No cash was exchanged transaction. Declared and paid a cash dividend of $118,000. Issued common stock for $58,000. quired: epare the statement of cash flows using the indirect method. Disclose any noncash transactions in an accompanying mounts to be deducted, cash outflows, and any decrease in cash should be indicated with a minus sign.) sh Flows from Operating Activities: PETERSON INCORPORATED Statement of Cash Flows For the Year Ended December 31, 2024 Adjustments to reconcile net income to net cash flows from operating activities: