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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 2,986,000 Net sales Expenses Cost of goods sold 1,900,000 Operating expenses 848,000 Depreciation expense 26,000 Loss on sale of land 7,900 Interest expense 14,500 47,000 ncome tax expense Total expenses 2,843,400 142,600 Net income VIDEO PHONES, INC Balance Sheet December 31 2015 2014 Assets Current assets: 190,340 $136,220 Cash Accounts receivable 79,900 59,000 Inventory 105,000 134,000 Prepaid rent 10,560 5,280 Long-term assets Investments 104,000 Land 209,000 238,000 Equipment 268,000 209,000 Accumulated depreciation (67,800) (41,800) 899,000 $739,700 Total assets Liabilities and Stockholders' Equity Current liabilities 65,100 80,000 Accounts payable Interest payable 5,900 9,800 Income tax payable 14,900 13,900 Long-term liabilities: Notes payable 283,000 224,000 Stockholders' equity Common stock 290,000 290,000 Retained earnings 240.100 122,000 Total liabilities and stockholders' equity 899,000 739,700