Problem 11-4A 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, Inc., are provided. VIDEO PHONES, INC. Income Statement For the Year Ended December 31, 2021 Net sales $2,816,000 Expenses: Coat of goods sold $1,750,000 Operating expenses 818.000 Depreciation expense 23.000 Loas on sale of land 7,600 Interest expense 13,000 Income tax expense 44.000 Total expenses 2,655,600 Net income $ 160,400 VIDEO PHONES, INC. Balance Sheets December 31 2021 2020 $179,760 76.600 105,000 9,840 $111,080 56.000 131,000 4,920 101,000 206,000 262,000 (64,200) $876,000 232,000 206,000 141,200) $699,800 Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Investments Land Equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounta payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' cquity $ 62,400 5,600 14,600 $ 77,000 9, 200 13,600 277,000 221,000 260,000 256,400 $876,000 260,000 119,000 $699,800 Additional Information for 2021: 1. Purchase investment in bonds for $101,000. 2. Sell land costing $26,000 for only $18,400, resulting in a $7,500 loss on sale of land. 3. Purchase $56,000 in equipment by issuing a $56,000 long-term note payable to the seller. No cash is exchanged in the transaction. 4. Declare and pay a cash dividend of $23,000. $7.500 of $23.99 $56.000 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 amounts.)