The income statement, balance sheets, and additional information for Video Phones, Incorporated, are provided.

VIDEO PHONES, INCORPORATED
Income Statement
For the Year Ended December 31, 2024
Net sales		$3,486,000
Expenses:
Cost of goods sold	$2,300,000
Operating expenses	928,000
Depreciation expense	34,000
Loss on sale of land	8,700
Interest expense	18,500
Income tax expense	55,000
Total expenses		3,344,200
Net income		$ 141,800

VIDEO PHONES, INCORPORATED
Balance Sheets
December 31
	2024	2023
Assets
Current assets:
Cash	$ 264,020	$202,660
Accounts receivable	88,700	67,000
Inventory	105,000	142,000
Prepaid rent	13,680	6,840
Long-term assets:
Investments	112,000	0
Land	217,000	254,000
Equipment	284,000	217,000
Accumulated depreciation	(77,400)	(43,400)
Total assets	$1,007,000	$846,100
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable	$ 72,300	$ 88,000
Interest payable	6,700	11,400
Income tax payable	15,700	14,700
Long-term liabilities:
Notes payable	299,000	232,000
Stockholders' equity:
Common stock	370,000	370,000
Retained earnings	243,300	130,000
Total liabilities and stockholders equity	$1,007,000	$846,100

Additional Information for 2024:

1. Purchased investment in bonds for $112,000.
2. Sold land for $28,300. The land originally was purchased for $37,000, resulting in a $8,700 loss being recorded at the time of the sale.
3. Purchased $67,000 in equipment by issuing a $67,000 long-term note payable to the seller. No cash was exchanged in the transaction.
4. Declared and paid a cash dividend of $28,500.

Required:

Prepare the statement of cash flows for Video Phones, Incorporated, using the direct 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.)

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