The Income statement, balance sheets, and additional Information for Virtual Gaming Systems are provided. $2,410,000 7.500 2,417,500 VIRTUAL GAMING SYSTEMS Income statement For the Year Ended December 31, 2021 Net sales Gain on sale of land Total revenues Expenses: cost of goods sold $1,555,000 Operating expensen 596,000 Depreciation expense 14,000 Interest expense 15,000 Income tax expense 61,000 Total expenses Net Income 2,241,000 $ 176,500 2021 2020 $ 122,440 66,900 131,500 2,960 566780 $1,000 126,000 4.320 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 Asseto Current assetat Cash Accounts receivable Inventory Prepaid rent Long-term assets: Investments Land Equipment Accumulated depreciation Total assets abilities and stockholders' Equity Current liabilities: Accounts payable Interest yable Income tax payable Long-term abilities: Notes payable Stockholders equity! Common stock Retained earnings Total liabilities and stockholders' equity 176.000 154.500 212,000 (114,500 5 751.700 100,000 200,000 201,000 (1100, 5001 5678.600 $ $ 25,500 13,300 31.400 79,000 2.100 3500 255,000 245.000 252,000 185,500 5.751, 700 210,000 119,000 5.678,600 Additional Information for 2021: 1. Purchase additional Investment in stocks for $75,000. 2. Sel land costing $45,500 for $53,000, resulting in a $7,500 gain on sale of land, 3. Purchase $11,000 in equipment by issuing a $11,000 long term note payable to the seller. No cash is exchanged in the transaction 4. Declare and pay a cash dividend of $101,000 5. Issue common stock for $41.000 Additional Information for 2021: 1. Purchase additional Investment in stocks for $76,000. 2. Sell land costing $45,500 for $53,000, resulting in a $7,500 gain on sale of land. 3. Purchase $11,000 in equipment by Issuing a $11,000 long-term note payable to the seller. No cash is exchanged in the transaction. 4. Declare and pay a cash dividend of $101,000. 5. Issue common stock for $41,000. Required: Prepare the statement of cash flows for Virtual Gaming Systems using the direct method. Disclose any noncash transactions in an accompanying note. (Llst cash outflows and any decrease in cash as negative amounts.) VIRTUAL GAMING SYSTEMS statement of Cash Flow For the Year Ended December 31, 2021 Cash Flows from Operating Activities: Not cash flows from operating activities Cash Flows from Investing Activities Net cash flows from investing activities Cash Flows from Financing Activities Not cash flows from financing activities Cash at the beginning of the period Cash at the end of the period Note: Noncash Activities