Problem 11-4A

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. VIDEO PHONES, INCORPORATED Balance Sheets December 31 Assets 20242023 Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Investments Land Bquipment Accumulated depreciation Total assets Liabilities and stockholders' Equity Current 1labilities: Accounts payable Interest payable Income tax payable Long-term 1iabilities: Notes payable Stockholders ' equity: Common stock Retained earnings Total liabilities and stockholders' equity \begin{tabular}{rr} 111,000 & 0 \\ 216,000 & 252,000 \\ 282,000 & 216,000 \\ (76,200) & (43,200) \\ \hline$1,006,000 & $832,800 \\ \hline \end{tabular} Additional Information for 2024: 1. Purchased investment in bonds for $111,000. 2. Sold land for $27,400. The land originally was purchased for $36,000, resulting in a $8,600 loss being recorded at the time of the sale. 3. Purchased $66,000 in equipment by issuing a $66,000 long-term note payable to the seller. No cash was exchanged in the transaction. 4. Declared and paid a cash dividend of $28,000. 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.) VIDEO PHONES, INCORPORATED Statement of Cash Flows For the Year Ended December 31, 2024 Cash Flows from Operating Activities: Cash Flows from investing Activities