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The income statement, balance sheets, and additional information for Virtual Gaming Systems are provided. VIRTUAL GAMING SYSTEMS Income Statement For the Year Ended December 31, 2024 Net sales Gain on sale of land Total revenues Expenses: Cost of goods sold Operating expenses Depreciation expense Interest expense Income tax expense Total expenses Net income $2,600,000 7,000 2,607,000 $1,650,000 615,000 33,000 34,000 80,000 2,412,000 $195,000 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 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 Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity Additional Information for 2024: 1. Durchased additional invente ant in tale for $05 000 2024 2023 $409,500 64,000 $343,800 80,000 160,000 145,000 4,600 7,200 205,000 110,000 215,000 270,000 250,000 220,000 (143,000) (110,000) $1,165,100 $1,066,000 $ 35,000 $ 98,000 5,100 4,000 25,000 29,000 265,000 235,000 460,000 400,000 375,000 300,000 $1,165,100 $1,066,000