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: $ 3,136,000 Cost of goods sold Operating expenses Depreciation expense Loss on sale of land Interest expense Income tax expense $ 2,050,000 878,000 29,000 8,200 16,000 50,000 Total expenses 3,031,200 Net income $ 104,800 VIDEO PHONES, INC Balance Sheet December 31 2018 2017 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent $ 179,720 160,760 62,000 37,000 6,240 83,200 105,000 12,480 Long-term assets: Investments Land Equipment Accumulated depreciation 107,000 212,000 274,000 (71,400) 0 244,000 212,000 (42,400) Total assets S 902,000 779,600 Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable 67,800 83,000 10.400 14,200 6,200 5,200 289,000 320,000 Long-term liabilities: Notes payable 227,000 Stockholders' equity: Common stock Retained earnings 320,000 125,000 203,800 Total liabilities and stockholders' equity $ 902,000 $ 779,600 in bonds for $107,000 2 Sell land oosting $32,000 for only $23,800, resuting in a $8.200 loss on sale of land n equipment by borrowing $62000 with a note payable due in three years No cash is exchanged in the transaction Required: amounts) Cash Flows from Operating Activities: Adjustments to reconcile net income to net cash flows from operating activities 0 Net cash flows from operating activities Cash Flows from Investing Activities: 0 Net cash flows from investing activities Cash Flows from Financing Activities: Net cash flows from financing activities Cash at the beginning of the period Cash at the end of the period Note: Noncash Activities 0