The income statement, tance streets, and w Not sales Gain on sale of land a nt Total rever Express Cost of goods sold Operating expenses Depreciation expert Interest expense Income tax expense to V ang Systems we Total expenses 51.570,000 Net income 599,000 17 000 18.000 64.000 2.268.000 181 000 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 Assets Current assets Cash Accounts receivable Inventory Prepaid rent Long-term assets: Investments Land Equipment Accumulated depreciation 2018 2017 114560 69 600 136,000 3,040 Total assets 55720 84.000 129.000 4.680 abilities and Stockholders' Equity Tent liabilities 189.000 205,000 218,000 (119,000) 110,000 252.000 204000 (102.000) 816,200 $ 737.400 Equipment Acerated depreciation Total ADS . Liabilities and Stockholders' Equity Current abilities: Accounts payable Interest payable Income tax payable Long term liabilities Notes payable Stockholders' equity Common stock Retained earings 316200 131 Total liabilities and stockholders' equity 27.000 200 2.100 284000 217900 241 900 210000 140 000 816200 S Additional Information for 2018: 1. Purchase additional investment in stocks for $79,000 2. Sell land costing $47,000 for $56,000, resulting in a $9.000 gain on sale of land 3. Purchase $14,000 in equipment by issuing a $14.000 long term tole payable to the seller. No cash is exchanged in 4. Declare and pay a cash dividend of $104,000 5. Issue common stock for $44,000. TSTADO nanopay a casgupee 6.000 ls for 78 Required: Prepare the statement of cash flows using the indirect method. Disclose any noncash transactions in an accompanying VIRTUAL GAMING SYSTEMS Statement of Cash Flows For the Year Ended December 31, 2018 Cash Flows from Operating Activities Adinstments to reconcilesincome to c h ON Required: SALO Cash Flows from Operating Activities Mustments to reconcile not income to Barwn from operating cash Net cash flows from operating activities Cash Flowers from investing Activities 1 Net cash flows from investing activities Cash Flows from Financing Activities Net cash flows from financing activities Cash at the beginning of the period Cash at the end of the period Note: Noncash Activities O SION