Income statements and balance sheets data for Virtual Gaming Systems are provided below. VIRTUAL GAMING SYSTEMS Income Statements For the years ended December 31 2022 2021 $3,460,000 $2,986,000 2,470,000 990,000 Net sales Cost of goods sold Gross profit Expenses: Operating expenses Depreciation expense 1,940,000 1,046,000 945,000 20,000 848,000 22,000 7,000 10,000 Loss on sale of land Interest expense 13,000 7,000 Income tax expense 43,000 930,000 Total expenses 985,000 5,000 116,000 $ Net income VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2020 2022 2021 Assets Current assets: $176,000 71,000 95,000 11,000 $134,000 50,000 125,000 4,800 Cash 196,000 70,000 120,000 13,000 Accounts receivable Inventory Prepaid rent Long-term assets: Investment in bonds 95,000 290,000 290,000 (74,000) $1,000,000 95,000 200,000 260,000 (54,000) $854,000 $711,800 Land 230, 000 200,000 (32,000) Equipment Less: Accumulated depreciation Total assets Liabilities and Stockholders Equity Current liabilities: $ 285,000 56,000 Accounts payable Interest payable Income tax payable 88,800 2,000 13,000 4,000 10,000 6,000 11,000 Long-term liabilities: Notes payable Stockholders' equity: 300,000 275,000 215,000 290,000 108,000 $1,000,000 Common stock 290,000 103,000 $711,800 290,000 219,000 Retained earnings $854,000 Total liabilities and stockholders' equity 2. Calculate the following profitability ratios for 2021 and 2022: (Round your answers to 1 decimal place.) 2021 2022 Gross profit ratio Return on assets Profit margin % Asset turnover times times