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 Net sales $3,515,000 $3,641,000 Cost of goods sold 2,481,000 1,951,800 Gross profit 1,034,000 1,090,000 Expenses: Operating expenses 956,000 859,000 Depreciation expense 31,000 27,500 Loss on sale of land 8 8, 100 Interest expense 18,500 15,500 Income tax expense 8,100 48,500 Total expenses 1,013, 600 958,600 Net income $ 20,400 $ 131,400 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2022 2021 2020 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Investment in bonds Land Eouitment $ 202,500 $187,000 76,500 82,000 126,500 106,080 14,100 12, 100 $145,000 61,000 136,000 6,120 106,000 301,000 301.000 186, oce 211,000 221.000 241,000 211.000