VIDEO PHONES, INCORPORATED Income Statement Net sales For the Year Ended December 31, 2024 Expenses: Cost of goods sold $1,550,000 Operating expenses $1,550,000 Depreciation expense 19,000 Loss on sale of land 7,200 Interest expense 11,000 Income tax expense 40,000 Total expenses Net income 170,800 $2,576,000 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 20242023 Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable 269,000217,000 Stockholders' equity: Common stock Retained earnings 1. Purchased investment in bonds for $97,000. 2. Sold land for $14,800. The land originally was purchased for $22,000, resulting in a $7,200 loss being recorded at the time of the sale. 3. Purchased $52,000 in equipment by issuing a $52,000 long-term note payable to the seller. No cash was exchanged in the transaction. 4. Declared and paid a cash dividend of $21,000. Required: Prepare the statement of cash flows using the indirect method. Disclose any noncash transactions in an accompanying note. (Amounts to be deducted, cash outflows, and any decrease in cash should be indicated with a minus sign.) Statement of Cash Flows For the Year Ended December 31, 2024 Cash Flows from Operating Activities: Adjustments to reconcile net income to net cash flows from operating activities: Net cash flows from financing activities Cash at the beginning of the period Cash at the end of the period Note: Noncash Activities \begin{tabular}{|ll|} \hline & 0 \\ \hline$ & 0 \\ \hline \hline \\ \hline \hline \end{tabular}