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 $9,000$

Total revenues $2,449,000$

Expenses:

Cost of goods sold $$1,570,000$

Operating expenses $599,000$

Depreciation expense $17,000$

Interest expense $18,000$

Income tax expense $64,000$

Total expenses $2,268,000$

Net income $$181,000$

PETERSON INCORPORATED

Balance Sheets

December $31$

$20242023$

Assets

Current assets:

Cash $$114,560$ $$55,720$

Accounts receivable $69,60084,000$

Inventory $136,000129,000$

Prepaid rent $3,0404,680$

Long$-$term assets:

Investments $189,000110,000$

Land $205,000252,000$

Equipment $218,000204,000$

Accumulated depreciation $(119,000)(102,000)$

Total assets $$816,200$ $$737,400$

Liabilities and Stockholders' Equity

Current liabilities:

Accounts payable $$27,000$ $$82,000$

Interest payable $3,6002,400$

Income tax payable $29,60032,000$

Long$-$term liabilities:

Notes payable $255,000241,000$

Stockholders' equity:

Common stock $284,000240,000$

Retained earnings $217,000140,000$

Total liabilities and stockholders$$ equity $$816,200$ $$737,400$

Additional Information for $2024$:

Purchased additional investment in stocks for $$79,000.$

Sold land for $$56,000.$ The land originally was purchased for $$47,000,$ resulting in a $$9,000$ gain being recorded at the time of the sale.

Purchased $$14,000$ in equipment by issuing a $$14,000$ long$-$term note payable to the seller. No cash was exchanged in the transaction.

Declared and paid a cash dividend of $$104,000.$

Issued common stock for $$44,000.$

Required:

Prepare the statement of cash flows for Peterson Incorporated using the direct 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.$)$