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 Net sales $3,525,000 $3,051,000 Cost of goods sold 2,483,000 1,042,000 958,000 1,953000 Gross profit 1,098,000 Expenses Operating expenses Depreciation expense Loss on sale of land Interest expense Income tax expense 861,000 28,500 8,300 16,500 49,500 33,000 0 19,500 8,300 Total expenses 1.018,800 963,800 Net income $ 23.200 134.200