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The income statement, balance sheet, and additional information for Video Phones, Inc., are provided. VIDEO PHONES, INC. ncome Statement For the Year Ended December 31, 2015 2,986,000 Net sales Expenses 1,900,000 Cost of goods sold 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 2,843,400 142,600 Net income VIDEO PHONES, INC Balance Sheet December 31 2015 2014 Assets Current assets: 90,340 $136,220 Cash Accounts receivable 79,900 59.000 Inventory 105,000 134.000 Prepaid rent 10,560 5.280 Long-term assets 104,000 nvestments Land 209,000 238.000 Equipment 268,000 209.000 (67,800) (41,8 Accumulated depreciation 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 3.900 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 Additional Information for 2015: 1. Purchase investment in bonds for $104,000. 2. Sell land costing $29,000 for only $21,100, resulting in a $7,900 loss on sale of land. 3. Purchase $59,000 in equipment by borrowing $59,000 with a note payable due in three years. No cash is exchanged in the transaction 4. Declare and pay a cash dividend of $24,500