VIRTUAL GAMING SYSTEMS Balance Sheet December 31 2015 2014 Assets Current assets: Cash $ 397,360 $ 332,820 Accounts receivable 65,100 81,000 Inventory 158,500 144,000 Prepaid rent 4,540 7,080 Long-term assets: Investments 194,000 100,000 Land 214.500 269,000 Equipment 248,000 219,000 Accumulated depreciation (141,500) (109,500) Total assets $ 1,140,500 $ 1,043,400 $ Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity Common stock Retained earnings 34,500 $ 97,000 4,900 3,900 24,600 28,500 263,000 234,000 449,000 364,500 390,000 290,000 Total liabilities and stockholders' equity $ 1,140,500 $1,043,400 Additional Information for 2015: 1. Purchase additional investment in stocks for $94.000 2. Sell land costing $54,500 for $61,000, resulting in a $6,500 gain on sale of land. 3. Purchase $29,000 in equipment by borrowing $29,000 with a note payable due in three years. No cash is exchanged in the transaction 4. Declare and pay a cash dividend of $119,000. 5. Issue common stock for $59,000. Required: Prepare the statement of cash flows using the indirect method. Disclose any noncash transactions in an accompanying note. (List cash outflows and any decrease in cash as negative amounts.)