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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 $2,886,000 Expenses: Cost of goods sold $1,800,000 Operating expenses 828,000 Depreciation expense 24,000 LOSs on sale of land 7,700 Interest expense 13,500 Income tax expense 45,000 Total expenses 2,718,200 Net income $ 167,800 VIDEO PHONES, INC. Balance Sheets December 31 2021 2020 3236.620 77.700 105.000 10.000 $119, 460 57.000 132.000 5,040 Annet Current SI Cash Accounts receivable Inventory Prepaid rent Long-term asset Investment Land Equipment Accumulated depreciation total anset Liabilities and stockholder ty Current liabilities Accounts payable Interest payable Income tax payable Long-term liabilities Notes payable Stockholdex equity Costock Retained cacingo Total liabilities and stockholders' equity 102.000 207.000 264,000 45,400) $197.000 234,000 207.000 291,400) $71), 100 $ 63.300 5.700 14,700 78,000 9.400 13,200 222.000 229,000 270.000 164,100 1897,000 270,000 120,000 591), 100 Additional Information for 2021: 1. Purchase investment in bonds for $102,000, 2. Sell and costing $27.000 for only $19,300, resulting in a $2700 loss on sale of land. 3. Purchase $57.000 in equipment by issuing a $57,000 long-term note payable to the seller. No cash is exchanged in the transaction 4 Declare and pay a cash dividend of $23,500 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.) Cash Flows from Operating Activities: Adjustments to reconcile net income to net cash flows from operating activities: tes $ 0 Net cash flows from operating activities Cash Flows from Investing Activities: 0 Net cash flows from investing activities Cash Flows from Financing Activities: Net cash flows from financing activities 0 Cash at the beginning of the period Cash at the end of the period Note: Noncash Activities $ 0