Problem $11-7$A $($Algo$)$ Calculate operating activities$-$direct method $($LO$11-7)$

The income statement, balance sheets, and additional information for Video Phones, Incorporated, are provided. Additional Information for $2024$:

$1.$ Purchased investment in bonds for $\backslash$$$96,000.$

$2.$ Sold land for $\backslash (\backslash$$ $13,900\backslash ).$ The land originally was purchased for $\backslash (\backslash$$ $21,000\backslash ),$ resulting in a $\backslash (\backslash$$ $7,100\backslash )$ loss being recorded at the time of the sale.

$3.$ Purchased $\backslash (\backslash$$ $51,000\backslash )$ in equipment by issuing a $\backslash (\backslash$$ $51,000\backslash )$ long$-$term note payable to the seller. No cash was exchanged in the transaction.

$4.$ Declared and paid a cash dividend of $\backslash$$$20,500.$

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 $31,2024$

$\backslash$begin$\{$tabular$\}\{|$l$|$l$|$l$|\}$

$\backslash$hline Cash Flows from Operating Activities: & & $\backslash \backslash$

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$\backslash$hline Cash Flows from Investing Activities: & & $\backslash \backslash$

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$\backslash$hline Neash Flows from Financing Activities: & & $\backslash \backslash$

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$\backslash$end$\{$tabular$\}\backslash$begin$\{$tabular$\}\{|$l$|$l$|$r$|\}$

$\backslash$hline $\backslash$multicolumn$\{1\}\{|$c$|\}\{$ Net cash flows from investing activities $\}$ & & $0\backslash \backslash$

$\backslash$hline Cash Flows from Financing Activities: & & $\backslash \backslash$

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$\backslash$hline $\backslash$multicolumn$\{1\}\{|$c$|\}\{$ Net cash flows from financing activities $\}$ & & $\backslash \backslash$

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$\backslash$hline Cash at the beginning of the period & & $\backslash \backslash$

$\backslash$hline Cash at the end of the period & & $\backslash \backslash$

$\backslash$hline Note: Noncash Activities & & $\backslash \backslash$

$\backslash$hline & $\backslash \backslash$

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$\backslash$end$\{$tabular$\}$