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 VIDEO PHONES, INC. Statement of Cash Flows For the Year Ended December 31, 2021 Net sales $3,686,000 Cash Flows from Operating Activities: Cost of goods sold Operating expenses Depreciation expense Loss on sale of land $2,000,000 358,000 20,000 0,100 15,500 Adjustments to reconcile net income to net cash flows from operating activities Income tax expense Total expenses Net Income 2,968, 680 $ 112,400 VIDEO PHONES, INC. Balance Sheets December 31 2821 $ 182,868 82,103 105,203 12.240 $152,380 61,030 135,038 Accounts receivable Inventory Prepaid rent Long-tern assets! Nat cash flows from operating activities Cash Flows from Investing Activities 105,800 211,000 272,800 (70, 200 $ 901,200 242,000 211,000 112 290 $766,300 Net cash flows from Investing activitas Cash Flows from Financing Activities Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-tere liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders equity 19,209 14,100 15,183 287,202 225,000 Nel cash flows from financing activities 310,800 215,900 $961,202 310,000 124,000 $766,329 Cash at the beginning of the period Cash at the end of the period Note: Noncash Activities Additional Information for 2021: 1. Purchase investment in bonds for S106,000. 2. Sell land costing $31,000 for only $22.900, resulting in a $8,100 loss on sale of land. 3. Purchase $61,000 in equipment by issuing a $61,000 long-term note payable to the seller. No cash is exchanged in the transaction 4. Declare and pay a cash clividend of $25,500. 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.)