The income statement, balance sheets, and additional information for Video Phones, Inc., are provided. VIDEO PHONES, INC. Income Statement For the Year Ended December 31, 2021 Net sales $ 3,136,000 Expenses: Cost of goods sold $ 2,050,000 Operating expenses 878,000 Depreciation expense 29,000 Loss on sale of land 8,200 Interest expense 16,000 Income tax expense 50,000 Total expenses 3,031,200 Net income $ 104,800 VIDEO PHONES, INC. Balance Sheets December 31 2021 2020 Assets Current assets: Cash $ 179,720 $ 160,760 Accounts receivable 83,200 62,000 Inventory 105,000 137,000 Prepaid rent 12,480 6,240 Long-term assets: Investments 107,000 0 Land 212,000 244,000 Equipment 274,000 212,000 Accumulated depreciation (71,400 ) (42,400 ) Total assets $ 902,000 $ 779,600 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 67,800 $ 83,000 Interest payable 6,200 10,400 Income tax payable 15,200 14,200 Long-term liabilities: Notes payable 289,000 227,000 Stockholders' equity: Common stock 320,000 320,000 Retained earnings 203,800 125,000 Total liabilities and stockholders equity $ 902,000 $ 779,600 Additional Information for 2021: Purchase investment in bonds for $107,000. Sell land costing $32,000 for only $23,800, resulting in a $8,200 loss on sale of land. Purchase $62,000 in equipment by issuing a $62,000 long-term note payable to the seller. No cash is exchanged in the transaction. Declare and pay a cash dividend of $26,000. 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.)