Problem 11-4A 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, Inc., are provided. Not sales Expenses: VIDEO PHONES, INC. Income Statement For the Year Ended December 31, 2021 Cost of goods sold Operating expenses Depreciation expense Loss on sale of land Interest expense Income tax expense Total expenses Net income $1,850,000 838,000 $2,936,000 25,000 7,800 14,000 46,000 2,780,800 $ 155,200 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Investments Landi VIDEO PHONES, INC. Balance Sheets December 31 Equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable 2021 2020 $193,480 78,800 $127,840 58,000 105,000 133,000 10,320 5,160 103,000 0 208,000 236,000 266,000 208,000, (66,680) (41,600) $898,000 $726,400 $ 64,200 $ 79,000