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 $1,850,000 $2,936,000 838,000 25,000 7,800 14,000 46,000 2,780,800 $ 155,200 tes Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Investments Land VIDEO PHONES, INCORPORATED Balance Sheets December 31 2024 2823 $193,480 78,899 $127,840 58,000 195,990 133,000 10,320 5,160 103,090 208,000 236,000 266,000 298,090 (66,600) (41,600) $898,090 $726,400 Equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 64,200 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 $103,000. $ 79,090 5,800 9,600 14,800 13,890 281,000 223,000 280,000 280,000 252,200 121,000 $898,000 $726,400 2. Sold land for $20,200. The land originally was purchased for $28,000, resulting in a $7,800 loss being recorded at the time of the sale. 3. Purchased $58,000 in equipment by issuing a $58,000 long-term note payable to the seller. No cash was exchanged in the transaction. 4. Declared and paid a cash dividend of $24,000. 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.)