VIDEO PHONES, INCORPORATED Balance Sheets Decenber 31 Assets Current assets: Cash Accounts receivable: Inventory Prepaid rent Long-term assets: Investments Land Equipeent Accumalated depreciation Total assets Liabilities and-Stockholders" Equity current liabilities: Accounts payable Interest payable incose tax payable Long-term 1isabilities: Notes payable Stackholders" equity: common stock Retained earnings: Total liabilities and stockholders" equity 2024 2823 5260,886 89,800 105, eee 13,920 \begin{tabular}{rr} 113,000 & e \\ 218,600 & 256,090 \\ 286,000 & 218,000 \\ (78,600) & (43,609) \\ \hline$1,008,000 & 5859,400 \\ \hline \end{tabular} \begin{tabular}{rr} $73,200 & $89,600 \\ 6,800 & 11,600 \\ 15,800 & 14,800 \\ 301,000 & 233,000 \\ 330,000 & 380,000 \\ 231,200 & 131,000 \\ \hline$1,968,000 & $859,400 \\ \hline \end{tabular} Additional Information for 2024 : 1. Purchased investrient in bonds for $113,000 2 Sold land for $29,200. The land originally was purchased for $38,000, resuitung in a $8,800 ioss being recorded at the time of the sale. 3. Purchased $68,000 in equipment by issuing a $68,000 long-term note poyable to the sellec No cash was exchanged in the transaction 4. Declered and paid a cash dividend of $29,000 Pequired: Piepsre the statement of cash flows using the inclicect 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.) Problem 11-4A (Algo) Prepare a statement of cash flows-indirect method (LO11-2, 11-3, 11-4, 11-5) The income statement, balance sheets, and additional information for Video Phones, incorporated, are provided. VIDEO PHONES, INCORPORATED Statement of Cash Flows For the Year Ended December 31, 2024 Cash Flows from Operating Activities: Adjustments to reconcile net income to net cash flows from operating activibes