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The income statement, balance sheets, and additional information for Video Phones, Incorporated, are provided. Addition...

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Accounting

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The income statement, balance sheets, and additional information for Video Phones, Incorporated, are provided. Addition ol Information for 2024: 1. Purchajed investment in bonds for $98,000 3. Sold land for $15,700. The land originaly was purchased for $23,000, resulting in a $7300 toss being recorded at th sate 3. Purchased $53,000 in ecuipment by issung a $53,000 Iong-term note payable to the 5 eller No cash was exshange transaction. 4 Peciared and paid a cash dividend of $21,500. Additional Information for 2024 : 1. Purchased investment in bonds for $98,000 2. Sold land for $15,700. The land originally was purchased for $23,000, resulting in a $7,300 loss being recorded at the time of the sale. 3. Purchased $53,000 in equipment by issuing a $53,000 long-term note payable to the seller. No cash was exchanged in the transaction. 4. Declared and paid a cash dividend of $21,500. Required: Prepare the statement of cash flows using the indirect method. Disciose any noncash transactions in an accompanying note (Amounts to be deducted, cash outflows, and ony decrease in cosh should be indicated with a minus sign.)

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