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 $2,636,000 $1,600,000 788,000 20,000 7,300 11,500 41,000 2,467,800 $ 168,200 Assets Current assets: Cash. Accounts receivable Inventory Prepaid rent Long-term assets: Investments Land Equipment Accumulated depreciation VIDEO PHONES, INC. Balance Sheets December 311 2021 2020 $ 159,180 73,300 105,000 $ 85,940 53,000 128,000 9,120 4,560 98,000 0 203,000 226,000 256,000 203,000 (60,600) (40,600) $ 843,000 $659,900 Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 59,700 Tntaract nauahla 200 $ 74,000 R 600