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The income statement, balance sheets, and additional information for Video Phones. Incorporated, are provided. VIDEO PHONES, INCORPORATED Balance sheota December 31 20242023 Assets Current assetg:
The income statement, balance sheets, and additional information for Video Phones. Incorporated, are provided. VIDEO PHONES, INCORPORATED Balance sheota December 31 20242023 Assets Current assetg: Cash Accounts receivable Inventory Prepaid rent Long-term assets : Investments Land Equipment Accumulated deprciation Total assets Liabilities and Stockholders' Equity Current 1iabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Noten payable Stockholdera' equity: Common stook Retained earnings Total 1iabilities and stockholders' equity \begin{tabular}{rr} 210,000 & 210,000 \\ 266,900 & 114,000 \\ \hline$821,000 & $633,300 \\ \hline \end{tabular} 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.)
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