help

The income statement, balance sheets, and additional information for Video Phones, Incorporated, are provided. VIDEO PHONES, INCORPORATED Income Statement For the Year Ended December 31, 2024 Net sales Expenses: Cost of goods sold Operating expenses Depreciation expense Loss on sale of land Interest expense Income tax expense $3,236,000 Total expenses Net income VIDEO PHONES, INCORPORATED Balance Sheets December 31 Assets Current assets: CashAccountsreceivableInventoryPrepaidrent$226,58084,300105,60012,720$169,14063,600138,0006,360 Long-tere assets: Investments Land Equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity current 1iabilities: Accounts payable Interest payable Incorse tax payable Long-tera 1iabilities: Notes payable Additional Information for 2024: 1. Purchased investment in bonds for $108,000. 2. Sold land for $24,700. The land originally was purchased for $33,000, resulting in a $8,300 loss being recorded at the time of the sale. 3. Purchased $63.000 in equipment by issuing a $63,000 long-term note payable to the seller. No cash was exchanged in the transaction. 4. Declared and paid a cash dividend of $26,500. VIDEO PHONES, INCORPORATED Statement of Cash Flows For the Year Ended December 31, 2024 Cash Flows from Operating Activities: \begin{tabular}{|l|} \hline Adjustments to reconcile net income to net cash flows from operating activities: \\ \hline \end{tabular}