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. VIDEO PHONES, INCORPORATED Balance Sheets December 31 2024 2023 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent $179,76076,600105,0009,840$111,08056,000131,0004,920 Long-term assets: Investments Land Equipment Accumulated depreciation Total assets \begin{tabular}{rr} 101,000 & 0 \\ 206,000 & 232,000 \\ 262,000 & 206,000 \\ (64,200) & (41,200) \\ \hline$876,000 & $699,800 \\ \hline \end{tabular} Iiabilities and Stockholders Equity Current 1 iabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable $62,400 \$77,000 5,600 9,200 14,600 13,600 stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity 277,000 221,000 \begin{tabular}{rr} 260,000 & 260,000 \\ 256,400 & 119,000 \\ \hline$876,000 & $699,800 \\ \hline \end{tabular} Additional Information for 2024: 1. Purchased investment in bonds for $101,000 2. Sold land for $18,400. The land originally was purchased for $26,000, resulting in a $7,600 loss being recorded at the time of the sale. 3. Purchased $56,000 in equipment by issuing a $56,000 long-term note payable to the seller. No cash was exchanged in the transaction. 4. Declared and paid a cash dividend of $23,000. Required: Prepare the statement of cash flows using the indirect mothod. 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.)