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 2,483,000 $3,051,000 1.953,000 Cost of goods sold Gross profit 1042,000 1,098,000 Expenses Operating expenses Depreclation expense Loss on sale of land Interest expense Income tax expense 958,000 33,000 0 19,500 8,300 861,000 28,500 8.300 16,500 49,500 Total expenses 1,018,800 963,800 Net Income $ 23.200 134.200