The income statement, balance sheet, and additional information for Video Phones, Inc., are provided.

VIDEO PHONES, INC. Income Statement For the Year Ended December 31, 2015
Net sales		$	2,636,000
Expenses:
Cost of goods sold	$ 1,600,000
Operating expenses	788,000
Depreciation expense	20,000
Loss on sale of land	7,300
Interest expense	11,500
Income tax expense	41,000
Total expenses			2,467,800
Net income		$	168,200

VIDEO PHONES, INC. Balance Sheet December 31
	2015		2014
Assets
Current assets:
Cash	$	159,180	$	85,940
Accounts receivable		73,300		53,000
Inventory		105,000		128,000
Prepaid rent		9,120		4,560
Long-term assets:
Investments		98,000		0
Land		203,000		226,000
Equipment		256,000		203,000
Accumulated depreciation		(60,600)		(40,600)
Total assets	$	843,000	$	659,900
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable	$	59,700	$	74,000
Interest payable		5,300		8,600
Income tax payable		14,300		13,300
Long-term liabilities:
Notes payable		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

Additional Information for 2015:
1.	Purchase investment in bonds for $98,000.
2.	Sell land costing $23,000 for only $15,700, resulting in a $7,300 loss on sale of land.
3.	Purchase $53,000 in equipment by borrowing $53,000 with a note payable due in three years. No cash is exchanged in the transaction.
4.	Declare and pay a cash dividend of $21,500.

Required:

Prepare the statement of cash flows for Video Phones, Inc., using the direct method. Disclose any noncash transactions in an accompanying note. (List cash outflows and any decrease in cash as negative amounts.)