VIDEO PHONES, INCORPORATED Income Statement For the Year Ended December 31, 2024 Net sales $3,336,000 Expenses: Cost of goods sold Operating expenses Depreciation expense Loss on sale of land Interest expense Income tax expense Total expenses Net income VIDEO PHONES, INCORPORATED Balance Sheets December 31 2024 2023 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent $273,44085,400105,00012,960$177,52064,000139,0006,480 Long-tern assets: Investments Land Equipment Accumulated depreciation Total assets \begin{tabular}{rr} 109,000 & 0 \\ 214,000 & 248,000 \\ 278,000 & 214,000 \\ (73,800) & (42,800) \\ \hline$1,004,000 & $806,200 \\ \hline \hline \end{tabular} Liabilities and Stockholders' Equity Current liabilities: Accounts payable 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 $109,000. 2. Sold land for $25,600. The land originally was purchased for $34,000, resulting in a $8,400 loss being recorded at the time of the sale. 3. Purchased $64,000 in equipment by issuing a $64,000 long-term note payable to the seller. No cash was exchanged in the transaction. 4. Declared and paid a cash dividend of $27,000. Required: 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