Problem 11-4A Prepare a statement of cash flows indirect method (L011-2, 11-3) The income statement, balance sheets, and additional information for Video Phones, Inc., are provided IDEO PHONES, INC. Income Statement For the Year Ended December 31, 2018 Net sales Expenses $ 3536,000 Cost of goods sold Operating expenses 8 2350,000 Loss on sale of land Interest expense Income tax expenge 5,000 8,800 19,000 56,000 Total expenses 3,406,800 Net income 129.200 PHONES, INC Balance Sheet December 31 2018 2017 Asseta Current assets Cash Accounts receivable Inwernory Prepaid rent 260,880211,040 68000 143.000 6960 89,800 05000 3,920 Long-term assets 113,000 218000 286,000 (78,600) Investments 255.000 218000 43.600) Total assets $ 1008 000 859400 Liabilities and Stockhoklers Equty Current liabilities 7320089000 Accounts payable Interest payable Income tax payable 6.800 11.600 15,800 301,000 380,000 14800 233,000 380,000 Long-term liabilties Notes payable Stockholders equty Common stock Retained eamings 231,200 131,000 Total liabilities and stockholders'equity $ 1008 000 859400 Additional Information for 2018: 1. Purchase investment in bonds for $113,000. 2. Sell land costing $38,000 for only $29,200, resulting in a $8,800 loss on sale of land