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 $$2,580,000$

Gain on sale of land $6,000$

Total revenues $2,586,000$

Expenses:

Cost of goods sold $$1,640,000$

Operating expenses $613,000$

Depreciation expense $31,000$

Interest expense $32,000$

Income tax expense $78,000$

Total expenses $2,394,000$

Net income $$192,000$

PETERSON INCORPORATED

Balance Sheets

December $31$

$20242023$

Assets

Current assets:

Cash $$355,520$ $$291,840$

Accounts receivable $66,20082,000$

Inventory $157,000143,000$

Prepaid rent $4,4806,960$

Long$-$term assets:

Investments $213,000120,000$

Land $214,000268,000$

Equipment $246,000218,000$

Accumulated depreciation $(140,000)(109,000)$

Total assets $$1,116,200$ $$1,020,800$

Liabilities and Stockholders' Equity

Current liabilities:

Accounts payable $$34,000$ $$96,000$

Interest payable $5,0003,800$

Income tax payable $24,20028,000$

Long$-$term liabilities:

Notes payable $261,000233,000$

Stockholders' equity:

Common stock $438,000380,000$

Retained earnings $354,000280,000$

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 the time of the sale.

Purchased $$28,000$ in equipment by issuing a $$28,000$ long$-$term note payable to the seller. No cash was exchanged in the transaction.

Declared and paid a cash dividend of $$118,000.$

Issued common stock for $$58,000.$

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.$)$