the income statement, balance sheets, and additional information for Video Phones, Incorporated, are provided.

1. Purchased investment in bonds for $113,000. 2. Sold land for $29,200. The land originally was purchased for $38,000, resulting in a $8,800 loss being recorded at the time of th. sale. 3. Purchased $68,000 in equipment by issuing a $68,000 long term note payable to the seller. No cash was exchanged in the transaction. 4. Declared and paid a cash dividend of $29,000. VIDEO PHONES, INCORPORATED Income Statement Net sales Fon the Year Ended December 31, 2024 Expenses: Cost of goods sold Operating expenses Depreciation expense Loss on sale of land Interest expense Income tax expense Total expenses Net income $3,536,000 Net income. \begin{tabular}{rr} $2,350,000 \\ 938,090 \\ 35,000 \\ 8,800 & \\ 19,000 \\ 56,000 \\ \hline & 3,496,800 \\ \hline$129,200 \\ \hline \end{tabular} VIDEO PHONES, INCORPORATED Balance Sheets December 31 Assets 2824 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 Income tax payable Long-tern liabilities: Notes payable Stockholders" equity: Common stock Retained earnings Total liabilities and stockholders' equity \begin{tabular}{rr} 380,000 & 380,600 \\ 231,200 & 131,000 \\ \hline$1,008,000 & $859,400 \end{tabular}