Additional information for $2021$: $1.$ Purchase investment in bonds for $$103,000.2.$ Sell land costing $$28,000$ for only $$20,200$ resulting in a $$7,800$ loss on sale of land. $3.$ Purchase $$58,000$ in equipment by issuing a $$58,000$ long term note payable to the seller. No cash is exchanged in the transaction. $4.$ Declare and pay a cash divident of $$24,000.$ 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 amountsThe income statement, balance sheets, and additional information for Video Phones, Inc., are provided.

VIDEO PHONES, INC.

Income Statement