The income statement, balance sheets, and additional information for Peterson Incorporated are provided. PETERSON INCORPORATEDIncome StatementFor the Year Ended December $31,2024$Net sales $$2,560,000$Gain on sale of land $5,000$Total revenues $2,565,000$Expenses: Cost of goods sold$$1,630,000$ Operating expenses$611,000$ Depreciation expense$29,000$ Interest expense$30,000$ Income tax expense$76,000$ Total expenses $2,376,000$Net income $$189,000$ PETERSON INCORPORATEDBalance SheetsDecember $3120242023$Assets Current assets: Cash$$331,240$$$269,880$Accounts receivable$68,40084,000$Inventory$154,000141,000$Prepaid rent$4,3606,720$Long$-$term assets: Investments$191,000100,000$Land$213,000266,000$Equipment$242,000216,000$Accumulated depreciation$(137,000)(108,000)$Total assets$$1,067,000$$$975,600$Liabilities and Stockholders' Equity Current liabilities: Accounts payable$$33,000$$$94,000$Interest payable$4,6003,600$Income tax payable$23,40027,000$Long$-$term liabilities: Notes payable$257,000231,000$Stockholders' equity: Common stock$416,000360,000$Retained earnings$333,000260,000$Total liabilities and stockholders equity$$1,067,000$$$975,600$ Additional Information for $2024$:Purchased additional investment in stocks for $$91,000.$Sold land for $$58,000.$ The land originally was purchased for $$53,000,$ resulting in a $$5,000$ gain being recorded at the time of the sale.Purchased $$26,000$ in equipment by issuing a $$26,000$ long$-$term note payable to the seller. No cash was exchanged in the transaction.Declared and paid a cash dividend of $$116,000.$Issued common stock for $$56,000.$ Required:Prepare the statement of cash flows using the indirect method. Disclose any noncash transactions in an accompanying note. $($Amounts to be deducted, cash outflows, and any decrease in cash should be indicated with a minus sign.$)$