es The income statement, balance sheets, and additional information for Video Phones, Inc., are provided. Net sales Expenses: VIDEO PHONES, INC. Income Statement For the Year Ended December 31, 2021 Cost of goods sold Operating expenses Depreciation expense Loss on sale of land Interest expense Income tax expense Total expenses Net income $1,450,000 758,000 17,000 7,000 10,000 38,000 $2,456,000 2,280,000 $ 176,000 Assets Current assets: Cash Accounts receivable Inventory Prenaid rent VIDEO PHONES, INC. Balance Sheets December 31 2021 2020 $ 138,600 70,000 105,000 8.400 $ 60,800 50,000 125,000 4.200