VIDEO PHONES, INCORPORATED Income Statement For the Year Ended December 31, 2024 Net sales $3,536,000 Expenses: Cost of goods sold Operating expenses Depreciation expense Loss on sale of 1 and Interest expense Income tax expense Total expenses Net income VIDEO PHONES, INCORPORATED Balance Sheets December 31 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Investments Land Equipment Accumulated depreciation Total assets Llabilities and Stockholders' Equity Current 11abilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders equity: Common stock Retained earnings Total Iiabilities and stockholders' equity Additional Information for 2024 : 1. Purchased investment in bonds for $113,000 2 Sold land for $29,200. The land originally was purchased for $38,000, resulting in a $8,800 loss being recorded at the time of the sole. 3. Purchased $68,000 in equipment by issuing a $68,000 long-term note payable to the seller No cash was exchanged in the transaction 4 Declared and paid a cash dividend of $29,000 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 activities: \begin{tabular}{|l|l|l|} \hline \multicolumn{2}{|c|}{ Net cash flows from operating activities } & \\ \hline Cash Flows from Investing Activities: & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline Net cash flows from investing activities & & \\ \hline Cash Flows from Financing Activities & \\ \hline & 0 \\ \hline & & \\ \hline Net cash flows from financing activities & \\ \hline & & \\ \hline Cash at the beginning of the period & \\ \hline Cash at the end of the period & & \\ \hline Note. Noncash Activities & & \\ \hline \end{tabular}