2 The income statement, balance sheets, and additional information for Video Phones, Inc. are provided. 3 points $3,486,89 VIDEO PHONES, INC. Incone statement For the Year Ended Decenber 31, 2021 Net sales Expenses: Cost of goods sold $2,300,000 Operating expenses 928,000 Depreciation expense 34,eee Loss on sale of land 8,700 Interest expense 18,500 Income tax expense 55,689 Total expenses Net Income eBook 3,344,200 $ 141,800 Ask References VIDEO PHONES, INC. Balance sheets December 31 2021 2020 $264,020 38,700 105,000 13,630 5202,660 67,800 142, eee 6,840 112,000 217,000 284,000 254,000 217,000 Assets current assets: Cash Accounts receivable Inventory Prepaid rent Long term assets: Investments Land Equipment Accumulated depreciation Total assets Liabilities and stockholdersquity current liabilities Accounts payable Interest payable Income tax payable Long-term liabilities Notes payable Stockholders' equity Comion stock futained earnings Total liabilities and stockholders equity $1,007,000 5646,100 $ 72.00 9,700 15,700 $ 30,000 11,400 14,700 399,000 232,000 370, 27,000 120, 5646,100 51, 107.000 Additional information for 2021 Purchase investment in bands for $112.000 2 Sell ond costing $97.000 for only $28.300 resulting in o 58 700 10 Oca orland 3 Purchase 567000 in doment by tuing a 567000 long-term nate payable to the tools change in the man 4 Decir and can vicena 523 500 Required Preportement of conto Pront incing med compong nete cesh out how end any deca incon gative amount Required: Prepare the statement of cash flows for Video Phones, Inc., using the direct method. Disclose any noncash transactions in an accompanying note. (List cash outflows and any decrease in cash as negative amounts.) clock Ask VIDEO PHONES, INC. Statement of Cash Flows For the Year Ended December 31, 2021 Cash Flows from Operating Activities References Net cash fows from operating activities Cash Flows from Investing Adivities cash flows from investing activities Cash Flows from Financing activities Tin cash flow from financing activities Categing the end Cohe end of the price Notes