The income statement, balance sheets, and additional information for Video Phones, Incorporated, are provided. VIDEO PHONES, INCORPORATEDIncome StatementFor the Year Ended December $31,2024$Net sales $$3,386,000$Expenses: Cost of goods sold$$2,200,000$ Operating expenses$908,000$ Depreciation expense$32,000$ Loss on sale of land$8,500$ Interest expense$17,500$ Income tax expense$53,000$ Total expenses $3,219,000$Net income $ $167,000$ VIDEO PHONES, INCORPORATEDBalance SheetsDecember $3120242023$Assets Current assets: Cash$ $270,300$$$185,900$Accounts receivable$86,50065,000$Inventory$105,000140,000$Prepaid rent$13,2006,600$Long$-$term assets: Investments$110,0000$Land$215,000250,000$Equipment$280,000215,000$Accumulated depreciation$(75,000)(43,000)$Total assets$$1,005,000$$$819,500$Liabilities and Stockholders' Equity Current liabilities: Accounts payable$ $70,500$$ $86,000$Interest payable$6,50011,000$Income tax payable$15,50014,500$Long$-$term liabilities: Notes payable$295,000230,000$Stockholders' equity: Common stock$350,000350,000$Retained earnings$267,500128,000$Total liabilities and stockholders equity$$1,005,000$$$819,500$ Additional Information for $2024$:Purchased investment in bonds for $$110,000.$Sold land for $$26,500.$ The land originally was purchased for $$35,000,$ resulting in a $$8,500$ loss being recorded at the time of the sale.Purchased $$65,000$ in equipment by issuing a $$65,000$ long$-$term note payable to the seller. No cash was exchanged in the transaction.Declared and paid a cash dividend of $$27,500.$ Required:Prepare the statement of cash flows for Video Phones, Incorporated, using the direct 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.$)$