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, 2021 Net sales Expensest $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 $ 104,800 Net income VIDEO PHONES, INC Balance Sheets December 31 2021 2020 Assets Current assetst Cash Accounts receivable Inventory Prepaid rent $179,720 $160,760 62,000 105,000 137,000 6,240 83,200 12,480 Long-tern assets: 107,000 244,000 Investments Land Equipnent Aecumulated depreciation 274,000 212,000 (71.400) (42 400) $902,000 $779,600 Total assets