Problem 11-7A (Algo) Calculate operating activities-direct method (LO11-7) The Income statement, balance sheets, and additional Information for Video Phones, Incorporated, are provided. Additional Information for 2024 : 1. Purchased Investment in bonds for $103,000. 2. Sold land for $20,200. The land originally was purchased for $28,000, resulting in a $7,800 loss beIng recorded at the time of the sale. 3. Purchased $58,000 In equipment by Issulng a $58,000 long-term note payable to the seller. No cash was exchanged In the transaction. 4. Declared and paid a cash dividend of $24,000. Required: Prepare the statement of cash flows for Video Phones, Incorporated, using the direct method. Disclose any noncash transactions In an accompanyIng note. (Amounts to be deducted, cash outflows, and any decrease In cash should be Indlcated with a minus sign.) VIDEO PHONES, INCORPORATED Statement of Cash Flows For the Year Ended December 31, 2024