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Problem 11-4A (Algo) Prepare a statement of cash flows-indirect method (LO11-2, 11-3, 11-4, 11-5 The income statement, balance sheets, and additional information for Video Phones, Incorporated, are provided. Additional Information for 2024: 1. Purchased investment in bonds for $108,000. 2. Sold land for $24,700. The land originally was purchased for $33,000, resulting in a $8,300 loss being recorded at the time of the sale. 3. Purchased $63,000 in equipment by issuing a $63,000 long-term note payable to the seller. No cash was exchanged in the transaction. 4. Declared and paid 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. (Amounts to be deducted, cash outflows, and any decrease in cash should be indicated with a minus sign.) VIDEO PHONES, INCORPORATED Statement of Cash Flows For the Year Ended December 31, 2024 Cash Flows from Operating Activities: \begin{tabular}{|l|l|l|} \hline Net income & $ & 142,200 \\ \hline Adjustments to reconcile net income to net cash flows from operating activities: & & \\ \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 interest payable & & \\ \hline & & \\ \hline & & \\ \hline Nash Flows from Investing Activities: & 142,200 \\ \hline Purchase investment in bonds & (108,000) \\ \hline Proceeds from sale of land & 24,700 & \\ \hline \hline & & \\ \hline \hline & & \\ \hline Cash Flows from Financing Activities: & & \\ \hline Payment of cash dividends & (83,300) \\ \hline \hline \end{tabular}