The income statement, balance sheets, and additional information for Video Phones, Inc., are provided IDEO PHONES, INC Income Statement For the Year Ended December 31, 2018 $2,576,000 Net sales Expenses Cost of goods sold Operating expenses Depreciation expense Loss on sale of land Interest expense Income tax expense 1,550,000 778,000 19,000 7,200 11,000 40,000 2,405,200 Total expenses $ 170,800 Net income