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 $1,500,000 768,000 18,000 7,100 10,500 39,000 $2,516,000 2,342,600 $ 173,400 Assets Current assetas Cash Accounts receivable Inventory Prepaid rent Long-term assets Investments Land Fainment VIDEO PHONES, INCORPORATED Balance Sheets December 31 2024 2023 $145,460 $69,100 71,100 51,000 105,000 126,000 8,640 4,320 96,000 0 201,000 252.000 222,000 301.000 Assets Current assets: VIDEO PHONES, INCORPORATED Balance Sheets December 31 2024 2023 Cash Accounts receivable. Stockholders' equity 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 liabilition: Notes payable Common stock $145,460 71,100 $69,180 $1,000 105,000 126,000 8,640 4,320 96,000 201,000 222,000 252,000 201,000 (58,200) (40,200) $821,000 $633,300 $ 57,900 $ 72,000 5,100 8,200 14,100 13,100 267,000 216,000 210,000 210,000 Retained earnings. 266,900 114,000 Total liabilities and stockholders' equity $821,000 $633,300 Additional Information for 2024: 1 Durchsend inunetmant in hande for cos non Additional Information for 2024: 1. Purchased investment in bonds for $96,000. 2. Sold land for $13,900. The land originally was purchased for $21,000, resulting in a $7,100 loss being recorded at the time of the sale. 3. Purchased $51,000 in equipment by issuing a $51,000 long-term note payable to the seller. No cash was exchanged in the transaction. 4. Declared and paid a cash dividend of $20,500. 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.) 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 Cash Flows from Operating Activities: Adjustments to reconcile net income to net cash flows from operating 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 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