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. $1,550,000 778,000 19,000 7,200 11,000 40,000 $2,576,000 $ 2,405,200 170,800 VIDEO PHONES, INC. Balance Sheets December 31 2021 2020 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 Interest payable 52,000 12,000 4,440 $152,320 72,200 105,000 $ 77,560 8,880 97,000 0 202,000 224,000 254,000 202,000 (59,400) (40,400) $646,600 $832,000 $ 58,800 5,2001 14,200 $ 73,000 8,400 13,200 Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock 269,000 217,000 220,000 220,000