Income statements and balance sheets data for Virtual Gaming Systems are provided below VIRTUAL GAMING SYSTEMS Income Statements For the year ended December 31 2019 2018 $3,480,000 $3,006,000 1,944,000 Net sales Cost of goods sold 2,474,000 Gross profit 1,006,000 1,062,000 Expenses Operating expenses Depreciation expense Loss on sale of land Interest expense Income tax expense 949,000 24,000 0 15,000 7,400 852,000 24,000 7,400 12,000 45,000 Total expenses 995,400 940,400 Net income $ 10,600 $ 121,600