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The income statement, balance sheets, and additional information for Video Phones, Incorporated, are provided. $2,936,000 VIDEO PHONES, INCORPORATED Income Statement For the Year Ended December 31, 2024 Net sales Expenses Coat of goods sold $1,850,000 Operating expension 838,000 Depreciation expense 25,000 Loss on sale of land 7,800 Interest expense 14,000 Income tax expensa 46,000 Total expenses Net income 2,780, 800 $ 155,200 VIDEO PHONES, INCORPORATED Balance sheets December 31 2024 2023 5 193,480 78,800 105,000 10,320 $127,840 58,000 133,000 5,160 Assets Current assotsi Cash Accounts receivable Inventory Prepaid rent Long-term assets Investments Land Equipment Accumulated depreciation Total assets 103,000 208,000 266,000 (66,600) $898,000 236,000 208,000 (41,600) $726, 400 VIDEO PHONES, INCORPORATED Balance Sheets December 31 2024 2023 $ 193,480 78,800 105,000 10,320 $127,840 58,000 133,000 5.160 Assets Current Boots 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: Motos payable Stockholders' equity Common stock retained earnings Total liabilition and stockholders equity 103,000 208,000 266,000 (66,600 5898,000 0 236,000 200.000 (41,600) $726,400 $ 64,200 5,800 14,800 $ 79,000 9.600 13,800 201,000 223,000 200,000 252,200 5098,000 280,000 121,000 5726, 400 Additional Information for 2024: 1. Purchased Investment in bonds for $103,000. 2. Sold land for $20,200. The land originally was purchased for $28,000, resulting in a $7,800 loss being recorded at the time of the sale, ARAR AAAAA Additional Information for 2024: 1. Purchased investment in bonds for $103,000 2. Sold land for $20,200. The land originally was purchased for $28,000, resulting in a $7,800 loss being recorded at the time of the 3. Purchased $58,000 in equipment by issuing a $58,000 long-term note payable to the seller. No cash was exchanged in the transaction 4. Declared and paid a cash dividend of $24,000 sale. Required: Prepare the statement of cash flows for Video Phones, Incorporated, using the direct 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.) VIDEO PHONES, INCORPORATED Statement of Cash Flows For the Year Ended December 31, 2024 Cash Flows from Operating Activities Net cash flows from operating activities