4 20 points 177F eBook Ask Sunny Print References Mc Graw Hill The income statement, balance sheets, and additional information for Video Phones, Inc., are provided. VIDEO PHONES, INC. Income Statement For the Year Ended December 31, 2021 Net sales Expenses: Cost of goods sold Operating expenses Depreciation expense Loss on sale of land Interest expense Income tax expense Total expenses Net income Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Investments Land Equipment Accumulated depreciation $2,200,000 908,000 32,000 8,500 17,500 53,000 Total assets Liabilities and Stockholders' Equity Current liabilities: $3,386,000 VIDEO PHONES, INC. Balance Sheets December 31 Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity 3,219,000 $ 167,000 2021 $ 270,300 86,500 105,000 13,200 110,000 215,000 280,000 (75,000) $1,005,000 70,500 6,500 15,500 295,000 350,000 267,500 $1,005,000 2020 $185,900 65,000 140,000 6,600 0 250,000 215,000 (43,000) $819,500 $ 86,000 11,000 14,500 230,000 350,000 128,000 $819,500 < Prev