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 $3,500,000 $3,026,000 Cost of goods sold 2,478,000 1,948,000 Gross profit 1,022,000 1,078,000 Expenses: Operating expenses 953,000 856,000 Depreciation expense 28,000 26,000 Loss on sale of land 7,800 Interest expense 17,000 14,000 Income tax expense 7,800 47,000 Total expenses 1,005,800 950,800 Net income $ 16,200 127,200 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 Equipment 200,000 74,000 124,000 13,800 $184,000 79,000 103,000 11,800 $142,000 58,000 133,000 5,760 103,000 103,000 0 298,000 268,000 208,000