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 $3,336, eee Expenses: Cost of goods sold $2,158,880 Operating expenses 898,820 Depreciation expense 31, Loss on sale of land 8.400 Interest expense 17,880 Income tax expense 52.00 Total expenses 3,156, 460 Net Income $ 179,600 VIDEO PHONES, INC. Balance Sheets December 31 2021 202e $ 273,440 85,4ee 105,880 12,960 $177,520 64,880 139,000 6,480 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Investments Land Equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Connon stock Retained earnings Total liabilities and stockholders' equity 109,680 214,880 278,888 (73, Bee) $1,884,889 248,000 214,000 (42,889) $896,282 $ 69,660 6,400 15,460 $ 85,880 10,888 14,480 293,880 229,000 340, 279,689 $1,884,880 340,000 127,000 $896,200 Additional Information for 2021: 1. Purchase Investment in bonds for $109.000. 2. Sell land costing $34.000 for only $25.600, resulting in a $8.400 loss on sale of land. 3. Purchase $64.000 in equipment by Issuing a $64.00 long-term note payable to the seller. No cash is exchanged in the transaction. 4. Declare and pay a cash dividend of $27.000. 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.)