6 The following income statement and balance sheets for Virtual Gaming Systems are provided. VIRTUAL GAMING SYSTEMS Income Statement For the year ended December 31, 2021 10 Net sales points Cost of goods sold Gross profit Expenses: $3,081,000 1,959,000 1,122,000 Operating expenses: $867,000 eBook Depreciation expense Loss on sale of land 31,500 8,900 Ask Interest expense 19,500 Print Income tax expense Total expenses 57,000 983,900 References Net income $ 138,100 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2021 2020 Assets Current assets: Cash Accounts receivable $195,000 90,000 $153,000 69,000 Inventory 114,000 144,000 Prepaid rent 12,900 7,080 Long-term assets: Investment in bonds 114,000 Land 219,000 249,000 Equipment 279,000 219,000 Less: Accumulated depreciation (82,500) ($1,000)