value 28.00 points 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, 2018 S 3,086,000 Net sales Expenses: $ 2,000,000 868,000 28,000 8,100 15,500 49,000 Cost of goods sold Operating expenses Depreciation expense Loss on sale of land Interest expense Income tax expense Total expenses 2,968,600 Net income 117,400 VIDEO PHONES, INC Balance Sheet December 31 2018 2017 Assets Current assets $ 182,860 $ 152,380 61,000 136,000 6,120 Cash Accounts receivable Inventory Prepaid rent 82,100 105,000 12,240 Long-term assets 106,000 211,000 272,000 (70,200) Investments Land Equipment Accumulated depreciation 242,000 211,000 (42,200) S 901,000 S 766,300 Total assets Liabilities and Stockholders' Equity Current liabilities: 66,900 S 82,000 10,200 14,100 Accounts payable Interest payable Income tax payable 6,100 15,100 287,000 310,000 Long-term liabilities: Notes payable 226,000 Stockholders' equity: Common stock Retained earnings 310,000 124,000 215,900 Total liabilities and stockholders' equity S 901,000 766,300 Additional Information for 2018: 1. Purchase investment in bonds for $106,000 2. Sell land costing $31,000 for only $22,900, resulting in a $8,100 loss on sale of land. 4. Deciare and pay a cash dvidend of $25,500. Required Prepare t ndseier No hise changed inthe ransact on. the statement of cash fows using he indirect method. Disclose any noncash transactions in an accompanyting note. (List cash outflows and any decrease in cash as negative amounts.) VIDEO PHONES, INC. Statement of Cash Flows For the Year Ended December 31,2018 Cash Fows trom Operating Actutes Net ncome Adjustments to reconcle net ncome to net fows rom VIDEO PHONES, INC. Statement of Cash Flows For the Year Ended December 31, 2018 Cash Flows from Operating Activities Net income Adjustments to reconcile net income to net cash flows from operating activities Net cash flows from operating activities Cash Flows from Investing Activities Net cash flows from investing activities Cash Flows from Financing Activities Net cash flows from operating activities Cash Flows from Investing Activities Net cash flows from investing activities Cash Flows from Financing Activities Net cash flows from financing activities Cash at the beginning of the period Cash at the end of the period Note. Noncash Activities