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. Net 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 $1,450,000 758,000 17,000 7,000 10,000 38,000 $2,456,000 2,280,000 $ 176,000 VIDEO PHONES, INC. Balance Sheets December 31 2021 2020 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent $138,600 70,000 105,000 $ 60,800 50,000 8,400 125,000 4,200 Long-term assets: Investments 95,000 0 Land 200,000 220,000 Equipment 250,000 200,000 Accumulated depreciation. (57,000) (40,000)