The income statement, balance sheet, and additional information for Video Phones, Inc., are provided. VIDEO PHONES, INC.Income StatementFor the Year Ended December 31, 2015 Net sales $ 3,386,000 Expenses: Cost of goods sold $ 2,200,000 Operating expenses 908,000 Depreciation expense 32,000 Loss on sale of land 8,500 Interest expense 17,500 Income tax expense 53,000 Total expenses 3,219,000 Net income $ 167,000 VIDEO PHONES, INC.Balance SheetDecember 31 2015 2014 Assets Current assets: Cash $ 270,300 $ 185,900 Accounts receivable 86,500 65,000 Inventory 105,000 140,000 Prepaid rent 13,200 6,600 Long-term assets: Investments 110,000 0 Land 215,000 250,000 Equipment 280,000 215,000 Accumulated depreciation (75,000) (43,000) Total assets $ 1,005,000 $ 819,500 Liabilities and Stockholders’ Equity Current liabilities: Accounts payable $ 70,500 $ 86,000 Interest payable 6,500 11,000 Income tax payable 15,500 14,500 Long-term liabilities: Notes payable 295,000 230,000 Stockholders’ equity: Common stock 350,000 350,000 Retained earnings 267,500 128,000 Total liabilities and stockholdersA????1 equity $ 1,005,000 $ 819,500