The income statement, balance sheets, and additional information for Video Phones, Inc., are provided VIDEO PHONES, INC. Income Statement For the Year Ended December 31, 2018 Net sales Expenses: S 2,886,000 Cost of goods sold Depreciation expense Loss on sale of land Interest expense Income tax expense S 1,800,000 828,000 24,000 7,700 13,500 45,000 Total expenses 2,718,200 Net income 167,800 VIDEO PHONES, INC. Balance Sheet 2018 2017 Assets Current assets: Cash Accounts receivable S 198,620 S 119,480 57,000 132,000 5,040 77,700 105,000 10,080 Prepaid rent Long-term assets: Land Equipment Accumulated depreciation 102,000 207,000 284,000 (85,400) 234,000 207,000 (41,400) Total assets S 897,000 S 713,100 Liabilities and Stookholders Equity Current liabilities: Accounts payable Interest payable Income tax payable 63,300 S78,000 9,400 13,700 5,700 14,700 279,000 270,000 Long-term liabilities: Notes payable 222,000 Stockholders' equity: Common stod Retained earnings 270,000 120,000 284,300 Total liabilities and stockholders equity S 897,000 S 713,100