The Income statement, balance sheets, and additional Information for Video Phones, Incorporated, are provided Net sales Expenses: VIDEO PHONES, INCORPORATED Income Statement For the Year Ended December 31, 2024 Cost of goods sold Operating expenses Depreciation expense Loss on sale of land. Interest expense Income tax expense Total expenses Net income 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 $2,350,000 933,000 35,000 8,800 19,000 56,000 $3,536,000 VIDEO PHONES, INCORPORATED Balance Sheets December 31 stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity 3,406,800 $ 129,200 2024 $260,880 89,800 105,000 13,920 113,000 218,000 286,000 (78,600) $1,008,000 $ 73,200 6,800 15,800 301,000 380,000 231, 200 $1,008,000 2023 $211,040 68,000 143,000 6,960 0 256,000 218,000 (43,600) $859,400 $ 89,000 11,600 14,800 233,000 380,000 131,000 $859,400 Additional Information for 2024: 1. Purchased Investment in bonds for $113,000. 2. Sold land for $29,200. The land originally was purchased for $38,000, resulting in a $8,800 loss being recorded at the time of the sale. 3. Purchased $68,000 in equipment by Issuing a $68,000 long-term note payable to the seller. No cash was exchanged in the transaction. 4. Declared and paid a cash dividend of $29,000.

The income statement, balance sheets, and additional information for Video Phones, Incorporated, are provided Additional Information for 2024 : 1. Purchased investment in bonds for $113,000 2. Soid land for $29,200. The land oniginally was purchased for $38,000, resulting in a $8,800 loss being recorded at the tme of the sale. 3. Purchased $68,000in equipment by issuing a $68,000 long term note payable to the seller No cash was exchanged in the transaction 4. Deciared and paid o cosh dividend of $29,000 Reaulred: Ing