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. Net sales Expenses: VIDEO PHONES, INCORPORATED Income Statement For the Year Ended December 31, 2024 Cost of goods sold Operating expenses Depreciation expense Loss on sale of land Interest expense Income tax expense Total expenses Net income $1,600,000 788,000 20,000 7,300 11,500 41,000 $2,636,000 2,467,800 $ 168,200 VIDEO PHONES, INCORPORATED Balance Sheets December 31 2024 2023 Assets Current assets: 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: Notes payable $159,180 73,300 105,000 9,120 $85,940 53,000 128,000 4,560 98,000 0 203,000 226,000 256,000 203,000 (60,600) (40,600) $843,000 $659,900 $ 59,700 $ 74,000 5,300 8,600 14,300 13,300 271,000 218,000 Stockholders' equity: Common stock 230,000 230,000 Retained earnings 262,700 116,000 Total liabilities and stockholders' equity $843,000 $659,900