MetaThe income statement, balance sheets, and additional information for Video Phones, Incorporated, are provided.

VIDEO PHONES, INCORPORATED

Income Statement

For the Year Ended December $31,2024$

Net sales $$2,516,000$

Expenses:

Cost of goods sold $$1,500,000$

Operating expenses $768,000$

Depreciation expense $18,000$

Loss on sale of land $7,100$

Interest expense $10,500$

Income tax expense $39,000$

Total expenses $2,342,600$

Net income $ $173,400$

VIDEO PHONES, INCORPORATED

Balance Sheets

December $31$