The income statement balance sheets, and addrional information for Video Phones, Inc., are provided. $2,936, een VIDEO PHONES, INC. Income Statement For the Year Ended December 31, 2021 Net sales Expenses Cost of goods sold 51,850,000 Operating expenses 135,00 Depreciation expense 25,000 Loss on sale of land 7.80 Interest expense 14, Income tax expense 46,00 Total expenses Net Incos 2,780, $ 155,200 VIDEO PHONES, INC Balance Sheets December 31 2021 zee $ 193,480 78,300 105.000 10,320 $129.54 55, 133,00 5,360 Assets Current assets Cash Accounts receivable Inventory Prepaid rent Long-term assets Investsente Land Equipment Accumulated depreciation Total asset Liabilities and Stockholders' Equity Current Balities 103,000 200,000 266,00 28. (41.600) 5726,400 9 VIDEO PHONES, INC. Balance Sheets December 31 2031 2020 $ 193,480 78,00 105,000 10,120 5127,640 58,000 5,160 Assets Current assets Cash Accounts receivable Inventory Prepaid rent Long-term assets Investments Land Equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current libilities: Accounts payable Interest payable Income tax payable Long-term liabilities Notes payable Stockholders' equity Corno Stock Retained earnings Total liabilities and stockholdersequity 103,00 200,00 266,000 (66.660) $ 8.000 216,000 200.000 (41.600) 3726,400 54,200 5,00 14,00 $ 79,00 9.000 13.00 211,000 225,000 280,000 252,200 38,00 250, 121,00 5725400 Additional Information for 2021: 1. Purchase investment in bonds for $103.000. 2. Sell and costing $28,000 for only $20,200, resulting in a 57,800 loss on sale of land. 3. Purchase $58,000 in equipment by issuing a $58.000 long-term nate payable to the seller No cash is exchanged in the transaction 4 Declare and pay a cash dividend of $24,000. VIDEO PHONES INC Statement of Cash Flows For the Year Ended December 31, 2021 Cash Flows from Operating Activities: Adjustments to reconcile net income to net cash flows from operating activities: Net cash flows from operating activities Cash Flows from Investing Activities Net cash flows from investing activities Cash Flows from Financing Activities Net cash flows from financing activities