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 $2,300,000 928,000 34,000 8,700 18,500 55,000 $3,486,000 3,344,200 $ 141,800 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Investments Land Equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable VIDEO PHONES, INC. Balance Sheets December 31 2021 2020 $ 264,020 88,700 $202,660 67,000 105,000 142,000 13,680 6,840 112,000 217,000 254,000 284,000 217,000 (77,400) (43,400) $1,007,000 $846,100 $ Interest payable 72,300 6,700 $ 88,000 11,400 Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock 15,700 14,700 299,000 232,000 370,000 370,000 Retained earnings 243,300 130,000 Total liabilities and stockholders' equity $1,007,000 $846,100