$2.986.000 19 VIDEO PHONES, INC. Income Statement For the Year Ended December 31, 2021 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 Income tax expense 47.000 Total expenses Net income 2.843.400 $ 142, 600 VIDEO PHONES. INC. Balance Sheets December 31 2021 2020 $ 190, 340 70.900 105,000 10,560 $ 136,220 59.000 134.000 5.250 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets Investments Land Equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long term liabilities: 104.000 209.000 268,000 (67, 800) $ 899.000 0 238.000 209,000 (41, 800) $ 739,700 $ 65, 100 5.900 14, 900 $ 80.000 9.800 13, 900 Next > 14 of 28