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 $$2,520,000$

Gain on sale of land $3,000$

Total revenues $2,523,000$

Expenses:

Cost of goods sold $$1,610,000$

Operating expenses $607,000$

Depreciation expense $25,000$

Interest expense $26,000$

Income tax expense $72,000$

Total expenses $2,340,000$

Net income $$183,000$

PETERSON INCORPORATED

Balance Sheets

December $31$

$20242023$

Assets

Current assets:

Cash $$223,280$ $$165,960$

Accounts receivable $72,80088,000$

Inventory $148,000137,000$

Prepaid rent $4,1206,240$

Long$-$term assets:

Investments $207,000120,000$

Land $211,000262,000$

Equipment $234,000212,000$

Accumulated depreciation $(131,000)(106,000)$

Total assets $$969,200$ $$885,200$

Liabilities and Stockholders' Equity

Current liabilities:

Accounts payable $$31,000$ $$90,000$

Interest payable $4,4003,200$

Income tax payable $21,80025,000$

Long$-$term liabilities:

Notes payable $249,000227,000$

Stockholders' equity:

Common stock $372,000320,000$

Retained earnings $291,000220,000$

Total liabilities and stockholders$$ equity $$969,200$ $$885,200$

Additional Information for $2024$:

Purchased additional investment in stocks for $$87,000.$

Sold land for $$54,000.$ The land originally was purchased for $$51,000,$ resulting in a $$3,000$ gain being recorded at the time of the sale.

Purchased $$22,000$ in equipment by issuing a $$22,000$ long$-$term note payable to the seller. No cash was exchanged in the transaction.

Declared and paid a cash dividend of $$112,000.$

Issued common stock for $$52,000.$

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.$)$