The Income statement balance sheets, and additional Information for Video Phones, Inc., are provided $2,756,000 VIDEO PHONES, INC. Income Statement For the Year Ended December 31, 2021 Net sales Expensest Cost of goods sold $1,700,000 Operating expenses 808,000 Depreciation expense 22,000 Loss on sale of land 7,500 Interest expense 12,500 Income tax expense 43,000 Total expenses Net Income 2,593,000 $ 163,000 VIDEO PHONES, INC. Balance Sheets December 31 2021 2020 $ 172,900 75,500 105,000 9,600 $162,700 55,000 130,000 4.800 Assets Current assets Cash Accounts receivable Inventory Prepaid rent Long-term assets: Investments Land Equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: 180,000 205,000 268,000 (63,000) $ 865,000 230,000 205,000 (41.000) $686,500 8 $ 172,900 25,00 105,000 9,600 $102,700 55,00 130,000 4,00 Onts 100,00 205,000 260.000 (63,000) 5865,000 230,000 205,000 (41200) 5686,500 Current assets cash Accounts receivable Inventory Prepaid rent Long-term assets Investments Land Finnent Accumulated depreciation Total assets Liabilities and Stockholders Equity Current liabilities: Accounts payable Interest payable Income tax payable Long term liabilities: Notes payable Stockholders' equity! Common stock Retained earnings Total liabilities and stockholders equity ebook Pynt References $ 61,500 5,500 14,500 $ 76,000 9.000 13,500 275,000 220,000 250,000 2585 $ 165,000 250,000 118.000 $686,500 Additional Information for 2021: 1. Purchase investment in bonds for $100,000 2. Sell land costing $25,000 for only $17.500, resulting in a $7,500 loss on sale of land. 3. Purchase $55,000 in equipment by issuing a $55.000 long-term note payable to the seller. No cash is exchanged in the transaction 4. Declare and pay a cash dividend of $22.500. Required: Prepare the statement of cash flows for Video Phones, Inc., using the direct method. Disclose any noncash transactions in an accompanying note. (List cash outflows and any decrease in cosh as negative amounts.) Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicator 8 Required: Prepare the statement of cash flows for Video Phones, Inc., using the direct method. Disclose any noncash transactions in an accompanying note. (List cash outflows and any decrease in cash as negative amounts.) 0 ants Answer complete but not entirely correct. VIDEO PHONES, INC. Statement of Cash Flows For the Year Ended December 31, 2021 Cash Flows from Operating Activities Cash paid for income taxes $ 163,000 Cash paid for interest (3,500) Cash paid for operating expenses 22 000 Cash received from customers 2.735,500 Cash paid to suppliers 1,689,500 OOO $ 4,606,500 Net cash flows from operating activities Cash Flows from investing Activities Purchase investment in bonds Proceeds from sale of land (100 000) 17 500 (82,500) Net cash flows from investing activities Prey 8 of 10 Next > 00 $ 4,606 500 20 Joints Net cash flows from operating activities Cash Flows from Investing Activities Purchase investment in bonds Proceeds from sale of land (100,000) 17,500 (82 500) Net cash flows from investing activities Cash Flows from Financing Activities Payment of cash dividends (22,500) Net cash flows from financing activities Net increase in cash Cash at the beginning of the period Cash at the end of the period Note Noncash Activities Purchase equipment issuing a note payable (22,500) 70 200 102,700 172 900 $ 55,000