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 $2,986,000 $1,900,000 848,000 26,000 7,900 14,500 47,000 2,843,400 $ 142,600 VIDEO PHONES, INC. Balance Sheets December 31 2021 2020 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: $ 190,340 79,900 $136,220 105,000 10,560 59,000 134,000 5,280 Investments Land 104,000 0 209,000 238,000 Equipment 268,000 209,000 Accumulated depreciation (67,800) (41,800) Total assets $ 899,000 $739,700 Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Common stock Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Retained earnings $ 65,100 5,900 14,900 $ 80,000 9,800 13,900 283,000 224,000 290,000 290,000 240,100 122,000 Total liabilities and stockholders' equity $ 899,000 $739,700 Additional Information for 2021: 1. Purchase investment in bonds for $104,000. 2. Sell land costing $29,000 for only $21,100, resulting in a $7,900 loss on sale of land. 3. Purchase $59,000 in equipment by issuing a $59,000 long-term note payable to the seller. No cash is exchanged in the transaction. 4. Declare and pay a cash dividend of $24,500.