le 3/Extra Credit 3 pped Saved The income statement, balance sheets, and additional information for Video Phones, Incorporated, are provided. Net sales Expenses: VIDEO PHONES, INCORPORATED Income Statement For the Year Ended December 31, 2024 Cost of goods sold. Operating expenses Depreciation expense Loss on sale of land Interest expense Income tax expense Total expenses Net income $1,450,000 $2,456,000 758,000 17,000 7,000 10,000 38,000 2,280,000 $ 176,000 Print rences Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Investments Land VIDEO PHONES, INCORPORATED Balance Sheets December 31 Equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock 2024 2023 $138,600 70,000 $60,800 50,000 105,000 125,000 8,400. 4,200 95,000 0 200,000 220,000 250,000 200,000 (57,000) (40,000) $810,000 $620,000 $ 57,000 $ 71,000 5,000 8,000 14,000 13,000 265,000 215,000 200,000 200,000