2 The income statement, balance sheets, and additional information for Virtual Gaming Systems are provided. $2,600,000 7,000 2,607,000 VIRTUAL GAMING SYSTEMS Income Statement For the Year Ended December 31, 2021 Net sales Gain on sale of land Total revenues Expenses: Cost of goods sold $1,650,000 Operating expenses 615,000 Depreciation expense 33,000 Interest expense 34,000 Income tax expense 80.000 Total expenses Net income Book Print 2,412,000 $ 195,000 erences VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2021 2020 $ 409,500 64,000 160,000 4,600 $ 343,800 80,000 145,000 7,200 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 205,000 215,000 250,000 (143,000) $1,165, 100 110,000 270,000 220,000 (110,000) $1,066,000 $ 35,000 5, 100 25,000 98,000 4,000 29,000 aw 11