The income statement, balance sheets, and additional information for Video Phones, Inc., are provided VIDEO PHONES, INC Income Statement For the Year Ended December 31, 2018 Net sales Expenses $ 3,486,000 Cost of goods sold Operating expenses Depreciation expense Loss on sale of land Interest expense Income tax expense $ 2,300,000 928,000 34,000 8,700 18,500 55,000 Total expenses 3,344,200 Net income 141,800