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The income statement, balance sheets, and additional information for Video Phones, Inc., are provided. VIDEO PHONES, INC. Income Statement Net sales Expenses: \begin{tabular}{lr} Cost of goods sold & $1,750,000 \\ Operating expenses & 818,000 \\ Depreciation expense & 23,000 \\ Loss on sale of land & 7,600 \\ Interest expense & 13,000 \\ Income tax expense & 44,000 \\ Total expenses & $2,655,600 \\ \cline { 3 - 3 } Net income & $160,400 \\ \hline \hline \end{tabular} VIDEO PHONES, INC. Balance Sheets December 31 Assets Current assets: Additional Information for 2021: 1. Purchase investment in bonds for $101,000. 2. Sell land costing $26,000 for only $18,400, resulting in a $7,600 loss on sale of land. 3. Purchase $56,000 in equipment by issuing a $56,000 long-term note payable to the seller. No cash is exchanged in the transaction. 4. Declare and pay a cash dividend of $23,000. 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.)