HII ILUMIC SLOILCHICIIL, UCINILE SIICCLS, GITU QUILIIGI MUNOLUITIUI VIUCU FITICS, L., GIC VIVIucu. $3,236, Bee VIDEO PHONES, INC. Income Statement For the Year Ended December 31, 2021 Net sales Expenses: Cost of goods sold $2,189, 898 Operating expenses 888, eee Depreciation expense 38. eae Loss on sale of land 8. 30e Interest expense 16.509 Income tax expense 51.ee Total expenses Net income 3,093.809 $ 142,200 VIDEO PHONES, INC. Balance Sheets December 31 2021 2820 $ 226,580 84,300 1e5, eee 12,720 $169, 140 63,000 138,000 6,368 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Investments Land Equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity 188, een 213,899 276,000 (72,600) $ 953,890 246,898 213. eee (42,600) $792,990 $ 68,798 6,308 15,308 $ 84,800 10.GAR 14,300 291,600 228,600 330,000 241,700 $ 953,209 330,000 126,888 $792,900 Additional Information for 2021: 1. Purchase investment in bonds for $108.000. 2. Sell land costing $33.000 for only $24.700, resulting in a $8,300 loss on sale of land. 3. Purchase $63.000 in equipment by issuing a $63,000 long-term note payable to the seller. No cash is exchanged in the transaction. 4. Declare and pay a cash dividend of $26.500. 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.) VIDEO PHONES, INC. Statement of Cash Flows For the Year Ended December 31, 2021 Cash Flows from Operating Activities: Adjustments to reconcile net income to net cash flows from operating activities: Net cash flows from operating activities Cash Flows from Investing Activities: Net cash flows from investing activities Cash Flows from Financing Activities: Net cash flows from financing activities Cash at the beginning of the period Cash at the end of the period Note: Noncash Activities