The income statement, balance sheets, and additional information for Peterson Incorporated are provided. PETERSON INCORPORATED Income Statement For the Year Ended December 31, 2024 Net sales $2,440,000 Gain on sale of land 9,000 2,449,000 Total revenues Expenses: Cost of goods sold Operating expenses Depreciation expense Interest expense Income tax expense Total expenses Net income $1,570,000 599,000 17,000 18,000 64,000 2,268,000 $181,000 PETERSON INCORPORATED Balance Sheets December 31 2024 2023 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: $114,560 69,600 136,000 $55,720 84,000 129,000 3,040 4,680 Investments 189,000 110,000 Land 205,000 252,000 Equipment 218,000 204,000 Accumulated depreciation (119,000) (102,000) Total assets $816,200 $737,400 Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable $27,000 3,600 29,600 $82,000 2,400 32,000 Long-term liabilities: Notes payable 255,000 241,000 Stockholders' equity: Common stock 284,000 240,000 Retained earnings 217,000 140,000 Total liabilities and stockholders' equity $816,200 $737,400 Add 3024 Additional Information for 2024: 1. Purchased additional investment in stocks for $79,000. 2. Sold land for $56,000. The land originally was purchased for $47,000, resulting in a $9,000 gain being recorded at the t sale. 3. Purchased $14,000 in equipment by issuing a $14,000 long-term note payable to the seller. No cash was exchanged in t transaction. 4. Declared and paid a cash dividend of $104,000. 5. Issued common stock for $44,000. Required: Prepare the statement of cash flows using the indirect method. Disclose any noncash transactions in an accompanying not (Amounts to be deducted, cash outflows, and any decrease in cash should be indicated with a minus sign.) Cash 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: Net cash flows from operating activities Cash Flows from Investing Activities: Net cash flows from investing activities Cash Flows from Financing Activities: Net cash flows from financing activities Cash at the beginning of the period Cash at the end of the period