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 $2,400,000 948,000 36,000 8,900 19,500 57,000 $3,586,000 3,469,400 $ 116,600 VIDEO PHONES, INC. Balance Sheets December 31 2021 2020 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Investments Land Equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable $ 257,740 90,900 $219,420 69,000 105,000 144,000 14,160 7,080 114,000 0 219,000 258,000 288,000 219,000 (79,800) (43,800) $1,009,000 $872,700 $ 74,100 6,900 $ 90,000 11,800 15,900 14,900 303,000 234,000