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The income statement, balance sheets, and additional information for Virtual Gaming Systems are provided. VIRTUAL GAMING SYSTEMS Income Statement For the Year Ended December 31, 2018 Net sales $ 2,600,000 Gain on sale of land 7,000 2,607,000 Total revenues Expenses Cost of goods sold Operating expenses Depreciation expense Interest expense Income tax expense $ 1,650.000 615,000 33,000 34,000 80,000 2,412,000 Total expenses $ 195,000 Net income S VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2018 2017 $ Assets Current assets Cash Accounts receivable Inventory Prepaid rent Long-term assets Investments Land Equipment Accumulated depreciation 409,500 $ 64,000 160,000 4,600 343,800 80,000 145,000 7,200 205,000 215,000 250,000 (143,000) 110,000 270,000 220,000 (110,000) Total assets $ 1,165,100 $ 1,066,000 $ 35.000 5.100 25.000 98.000 4,000 29,000 Liabilities and Stockholders Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities Notes payable Stockholders' equity Common stock Retained earnings 265,000 235,000 460.000 375.000 400.000 300,000 Total liabilities and stockholders' equity $ 1.165,100 $ 1,066.000 Additional Information for 2018: 1. Purchase additional investment in stocks for $95,000. 2. Sell land costing $55,000 for $62,000, resulting in a $7,000 gain on sale of land. 3. Purchase $30,000 in equipment by issuing a $30,000 long-term note payable to the seller. No cash is exchanged in the transaction 4. Declare and pay a cash dividend of $120,000 5. Issue common stock for $60,000 VIRTUAL GAMING SYSTEMS Statement of Cash Flows For the Year Ended December 31, 2018 Cash Flows from Operating Activities Adjustments to reconcile net income to net cash flows from operating activities Depreciation expense Increase in interest payable Gain (on sale of land) C 33,000 1.100 (7,000) 27.100 Net cash flows from operating activities Cash Flows from Investing Activities Sale of land Purchase investment in stock 62,000 (95,000) (33,000) Net cash flows from investing activities Cash Flows from Financing Activities Issue common stock 60,000 filter (33,000) Net cash flows from investing activities Cash Flows from Financing Activities Issue common stock Payment of cash dividends Increase in interest payable 60,000 (120,000) (32,900) Net cash flows from financing activities Net increase in cash Cash at the beginning of the period Cash at the end of the period Note: Noncash Activities - (92,900) 65,700 343,800 409,500