4 20 points eBook Ask Prim The income statement, balance sheets, and additional information for Video Phones, Inc., are provided. Net sales Expenses: VIDEO PHONES, INC. Income Statement For the Year Ended December 31, 2021 Cost of goods sold Operating expenses Depreciation expense Loss on sale of land Interest expense Income tax expense Total expenses Net income $1,900,000 848,000 26,000 7,900 14,500 47,000 $2,986,000 2,843,400 $ 142,600 References Assets Mc Current assets: Cash Accounts receivable. Inventory Prepaid rent Long-term assets Investments Land VIDEO PHONES, INC. Balance Sheets December 31 2021 2020 $ 190,340 79,900 $136,220 59,000 105,000 10,560 134,000 5,200 104,000 0 209,000 238,000 268,000 209,000 (67,500) (41,800) $899,000 $739,700 Equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 65,100 Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders equity: Common stock Retained earnings Total liabilities and stockholders' equity 500,000 5,900 14,900 9,000 13,900 283,000 224,000 290,000 290,000 240,100 122,000 $899,000 $7.39,700 < Prev 4 of 4