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 $2,576,000 Net sales Expenses: Cost of goods sold Operating expenses Depreciation expense Loss on sale of land Interest expense Income tax expense $1,550,000 778,000 19,000 7,200 11,000 40,000 Total expenses 2,405,200 Net income 170,800