VIDEO PHONES, INCORPORATED Income statement For the Year Ended December 31, 2024 Net sales Expenses : Cost of goods sold Operating expenses Depreciation expense Loss on sale of land Interest expense Income tax expense Total expenses Net income $3,336,000 $2,150,000 898,000 31,000 8,400 17,000 52,000 3,156,400$179,600 VIDEO PHONES, INCORPORATED Balance Sheets December 31 Assets 2024 2023 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: Common stook Retained earnings Total liabilities and stockholders' equity $273,44085,400105,00012,960$177,52064,000139,0006,480 \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 \end{tabular} Additional Information for 2024: t. Purchased investment in bonds for $109,000 2. Sold land for $25,600. The land orighaly was purchased for $34,000, resulting in a $8,400 loss being recorded at the time of the sole. 3. Purchused $64,000 in equipment by issuing a $64,000 iong-term note payable to the sellec No cash was exchanged in the transaction. 4. Dectared and paid a cash dividend of $27,000. Required: Prebare the stahement of cash fows using the hndirct method. Disclose any noncash transactions in an accompanying note (A mounts to be deducted, cash outflows, and any decrease in cash should be indicated with a minus sign)