Problem 11-4A (Algo) Prepare a statement of cash flows-indirect method (LO11-2, 11-3, 11-4, 11-5) The income statement, balance sheets, and additional information for Video Phones, Incorporated, are provided. 1. Purchased investment in bonds for $100,000. 2. Sold land for $17,500. The land originally was purchased for $25,000, resulting in a $7,500 loss being recorded at the time of the sale. 3. Purchased $55,000 in equipment by issuing a $55,000 long-term note payable to the seller. No cash was exchanged in the transaction. 4. Declared and paid a cash dividend of $22,500. The income statement, balance sheets, and additional information for Video Phol Additional Information for 2024: 1. Purchased investment in bonds for $100,000. 2 Sold land for $17,500. The land originally was purchased for $25,000, resulting in a $7,500 loss being recorded at the time of the sale. 3. Purchased $55,000 in equipment by issuing a $55,000 long-term note payable to the seller. No cash was exchanged in the transaction 4. Declared and paid a cash dividend of $22,500. 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.) Decrease in accounts payable Decrease in interest payable Decrease in inventory Depreciation expense Gain (on sale of land) Net cash flows from operating activities Cash Flows from Investing Activities