ook rint 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 $2,450,000 958,000 37,000 9,000 20,000 58,000 erences Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Mc Investments Land $3,636,000 3,532,000 $ 104,000 VIDEO PHONES, INC. 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 2021 2020 $ 254,600 92,000 105,000 14,400 $227,800 70,000 145,000 7,200 115,000. 0 220,000 260,000 290,000 220,000 (81,000) (44,000) $1,010,000 $886,000 75,000 7,000 16,000 $ 91,000 12,000 15,000 305,000 235,000 400,000 400,000