4. 20 points The income statement, balance sheets, and additional information for Video Phones, Inc., are provided. VIDEO PHONES, INC. Income Statement For the Year Ended December 31, 2021 Net als Expenses $ 3,086,000 Cost of goods sold $ 2,000,000 Operating expenses 868,000 Depreciation expens 28.000 Loss on le orland 8.100 mest expense 15.500 49000 20.00 Netice 117.400 eBook A Print VIDEO PONES, INC Balance Sheets December 31 2021 2020 References Ae Current Cash Accounts receivable Inventory Prepaid Long-term Inven S2160 32.100 105.000 $152,150 610 136.000 6,120 106.000 211.000 272.000 Equi Amated depreciation 242,000 211.000 162.00 $ 766,300 $ 900,000 5 66,00 6.100 15.100 $ 2.000 10.200 14100 und Stockholders' quity A payable Incompatible Notes pylle Sodhaleny Commode Retained in Totalities and desequity 287.000 310,000 215.00 501.000 110.000 134 4 287,000 226,000 Notes payable Stockholders equity Common stock Retained caming Total liabilities and stockholders' equity 310,000 215.000 $ 901,000 310,000 124.000 $ 766.300 20 points Additional Information for 2021: eBook 1. Purchase investment in bonds for $106.000 2. Sell land costing $31,000 for only $22.900, resulting in a $8,100 loss on sale of land. 3. Purchase $61,000 in equipment by issuing a $61,000 long-term note payable to the seller. No cash is exchanged in the transaction 4. Declare and pay a cash dividend of $25,500 Required: Prepare the statement of cash flows using the indirect method. Disclose any noncash transactions in an accompanying note. (List cash outflows and any decrease in cash as negative amounts.) Print 4 VIDEO PHONES, INC Statement of Cash Flows For the Year Ended December 31, 2021 Cash Flows from Operating Activities: 20 points Adjustments to reconcile net income to net cash flows from operating activities: eBook Ask Print References Net cash flows from operating activities Cash Flows from Investing Activities: $ 0 0 Net cash flows from investing activities Cash Flows from Financing Activities: Net cash flows from financing activities 0 $ 0 Cash at the beginning of the period Cash at the end of the period Note: Noncash Activities