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The income statement, balance sheets, and additional information for Video Phones, Incorporated, are provided. VIDEO PHONES, INCORPORATED Balance Sheets December 31 2024 2823 Assets Current

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The income statement, balance sheets, and additional information for Video Phones, Incorporated, are provided. VIDEO PHONES, INCORPORATED Balance Sheets December 31 2024 2823 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent $159,18073,30105,0009,12$85,9453,600128,604,560 Long-term assets: Investments Land Equipment Accumulated depreciation Tota1 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 Additional Information for 2024 : 1. Purchased investment in bonds for $98,000. 2. Sold land for $15,700. The land originally was purchased for $23,000, resulting in a $7,300 loss being recordect at the time of the sale. 3. Purchased $53,000 in equipment by issuing a $53,000 long-term note payable to the seller. No cash was exchanged in the transaction. 4. Declared and paid a cash dividend of $21,500. 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.)

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