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 $3,586,000 Net sales Expenses Cost of goods sold Operating expenses Depreciation expense Loss on sale of land Interest expense Income tax expense $ 2,400,000 948,000 36,000 8,900 19,500 57,000 Total expenses 3,469,400 Net income 116,600