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The following income statement and balance sheet for Virtual Gaming Systems are provided. VIRTUAL GAMING SYSTEMS Income Statement For the year ended December 31, 2015 Net sales $3,016,000 Cost of goods sold 1,946.000 1,070,000 Gross profit Expenses $854,000 operating expenses Depreciation expense 25,000 Loss on sale of land 7,600 Interest expense 13,000 Income tax expense 44,000 Total expenses 943.600 126,400 Net income VIRTUAL GAMING SYSTEMS Balance Sheet December 31 2015 2014 Assets Current assets: $182,000 $140,000 Cash Accounts receivable 77,000 56,000 nventory 101,000 31,000 Prepaid rent 11,600 5,520 Long-term assets 101,000 Investment in bonds Land 206,000 236,000 Equipment 266,000 206,000 (63,000) (38,000) Less: Accumulated depreciation $881,600 $736,520 Total assets Liabilities and Stockholders' Equity Current liab ilities: 62,000 77,000 Accounts payable Interest payable 5,200 2,600 Income tax payable 13.000 13,600 Long-term liabilities Notes payable 281.000 221,000 Stockholders' equity: Common stock 296,000 296,000 Retained earnings 224,400 26,320 Total liabilities and stockholders' equity $881,600 $736,520