The income statement, balance sheets, and additional information for Video Phones, Incorporated, are provided. Net sales Expenses: VIDEO PHONES, INCORPORATED Income Statement For the Year Ended December 31, 2024 Cost of goods sold Operating expenses Depreciation expense Loss on sale of land Interest expense Income tax expense Total expenses Net income $2,150,000 $3,336,000 898,000 31,000 8,400 17,000 52,000 3,156,400 $ 179,600 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Investments Land VIDEO PHONES, INCORPORATED Balance Sheets December 31 2024 2023 $273,440 85,400 $177,520 64,000 105,000 139,000 12,960 6,480 109,000 e 214,000 248,000 278,000 214,000 (73,800) (42,800) $1,004,000 $806,200 Equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable $ 69,600 6,400 $ 85,000 10,800 Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock 15,400 14,400 293,000 229,000 340,000 340,000 Retained earnings 279,600 127,000 Total liabilities and stockholders' equity $1,004,000 $806,200 Additional Information for 2024: 1. Purchased Investment in bonds for $109,000. 2. Sold land for $25,600. The land originally was purchased for $34,000, resulting in a $8,400 loss being recorded at the time of the sale. 3. Purchased $64,000 in equipment by issuing a $64,000 long-term note payable to the seller. No cash was exchanged in the transaction. 4. Declared and paid a cash dividend of $27,000. Required: Prepare the statement of cash flows using the indirect method. Disclose any noncash transactions in an accompanying note. (Amounts to be deducted, cash outflows, and any decrease in cash should be indicated with a minus sign.) Cash Flows from Operating Activities: VIDEO PHONES, INCORPORATED Statement of Cash Flows For the Year Ended December 31, 2024 Adjustments to reconcile net income to net cash flows from operating activities: Net cash flows from operating activities $ 0 Cash Flows from Investing Activities: Net cash flows from operating activities Cash Flows from Investing Activities: $ Net cash flows from investing activities Cash Flows from Financing Activities: Net cash flows from financing activities Cash at the beginning of the period Cash at the end of the period Note: Noncash Activities 0 $ 0 0 0