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 $2,450,000 $3,636,000 958,000 37,000 9,000 20,000 58,000 3,532,000 $ 104,000 VIDEO PHONES, INCORPORATED Balance Sheets: December 31 2024 2023 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Investments Land $254,600 92,000 105,000 14,400 $227,800 70,000 145,000 7,200 115,000 220,000 260,000 Equipment 290,000 220,000 Accumulated depreciation (81,000) (44,000) Total assets $1,010,000 $886,000