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Additional Information for 2024: 1. Purchased investment in bonds for $104,000. 2. Sold land for $21,100. The land originally was purchased for $29,000, resulting in
Additional Information for 2024: 1. Purchased investment in bonds for $104,000. 2. Sold land for $21,100. The land originally was purchased for $29,000, resulting in a $7,900 loss being recorded at the time of the sale. 3. Purchased $59,000 in equipment by issuing a $59,000 long-term note payable to the seller. No cash was exchanged in the transaction. 4. Declared and paid a cash dividend of $24,500. Answer is not complete. VIDEO PHONES, INCORPORATED Statement of Cash Flows For the Year Ended December 31, 2024 Cash Flows from Operating Activities: Net income $142,600 Adjustments to reconcile net income to net cash flows from operating activities: \begin{tabular}{|l|} \hline Depreciation expense \\ \hline Loss (on sale of land) \\ \hline Increase in accounts receivable \\ \hline Decrease in inventory \\ \hline Increase in prepaid rent \\ \hline Decrease in accounts payable \\ \hline Decrease in interest payable \\ \hline Increase in income tax payable \\ \hline \end{tabular} Net cash flows from operating activities $168,600 Cash Flows from Investing Activities: Purchase investment in bonds Proceeds from sale of land Net cash flows from investing activities Cash Flows from Financing Activities: Payment of cash dividends 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
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