The income statement, balance sheets, and additional information for Video Phones, Incorporated, are provided. Net sales Expenses: Cost of goods sold Operating expenses Depreciation expense Loss on sale of land Interest expense Income tax expense Total expenses Net income VIDEO PHONES, INCORPORATED Income Statement For the Year Ended December 31, 2024 $3,586,000 $2,400,000 948,000 36,000 8,900 19,500 57,000 3,469,400 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: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity VIDEO PHONES, INCORPORATED Balance Sheets December 31 $ 116,600 2024 2023 $257,740 90,900 105,000 14,160 $219,420 69,000 144,000 7,080 114,000 0 219,000 258,000 288,000 219,000 (79,800) (43,800) $1,009,000 $872,700 $ 74,100 $ 90,000 6,900 11,800 15,900 14,900 303,000 234,000 390,000 390,000 219,100 132,000 $1,009,000 $872,700 Additional Information for 2024: 1. Purchased investment in bonds for $114,000. 2. Sold land for $30,100. The land originally was purchased for $39,000, resulting in a $8,900 loss being recorded at the time of the sale. 3. Purchased $69,000 in equipment by issuing a $69,000 long-term note payable to the seller. No cash was exchanged in the transaction. 4. Declared and paid a cash dividend of $29,500. 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.)