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 $1,550,000 778,000 19,000 7,200 11,000 40,000 $2,576,000 2,405,200 $ 170,800 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 2024 2023 $152,320 72,200 105,000 $77,560 52,000 127,000 8,880 4,440 97,000 202,000 224,000 254,000 202,000 (59,400) (40,400) $832,000 $646,600 $ 58,800 5,200 $ 73,000 8,400