The income statement, balance sheets, and additional information for Video Phones, Inc., are provided. 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 $2,150,000 898,000 31,000 8,400 $3,336,000 17,000 52,000 $ 179,600 3,156,400 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Investments Land Equipment Accumulated depreciation Total assets VIDEO PHONES, INC. Balance Sheets December 31 Liabilities and Stockholders' Equity Current liabilities: Accounts payable 2021 2020 273,440 85,400 $177,520 64,000 105,000 139,000 12,960 6,480 109,000 0 214,000 248,000 278,000 214,000 (73,800) (42,800) $1,004,000 $806,200 69,600 6.400 $ 85,000 10,800 The income statement, balance sheets, and additional information for Video Phones, Inc., are provided. 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 $2,150,000 898,000 31,000 8,400 $3,336,000 17,000 52,000 $ 179,600 3,156,400 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Investments Land Equipment Accumulated depreciation Total assets VIDEO PHONES, INC. Balance Sheets December 31 Liabilities and Stockholders' Equity Current liabilities: Accounts payable 2021 2020 273,440 85,400 $177,520 64,000 105,000 139,000 12,960 6,480 109,000 0 214,000 248,000 278,000 214,000 (73,800) (42,800) $1,004,000 $806,200 69,600 6.400 $ 85,000 10,800