VIDEO PHONES, INCORPORATED Income statement For the Year Ended December 31, 2024 Net sales $2,696,000 Expenses: Cost of goods sold $1,650,000 Operating expenses 798,000 Depreciation expense 21,000 Loss on sale of land 7,400 Interest expense 12,000 Income tax expense 42,000 Total expenses Net income 2,530,400165,600 Additional Information for 2024 : 1. Purchased investment in bonds for $99,000. 2. Sold land for $16,600. The land originally was purchased for $24,000, resulting in a $7,400 loss being recorded at the time of the sale. 3. Purchased $54,000 in equipment by issuing a $54,000 long-term note payable to the seller. No cash was exchanged in the transaction. 4. Declared and paid a cash dividend of $22,000. Required