! Required information [The following information applies to the questions displayed below.] Income statements and balance sheets data for Virtual Gaming Systems are provided below. Net sales VIRTUAL GAMING SYSTEMS Income Statements For the Years Ended December 31 Cost of goods sold Gross profit Expenses: Operating expenses Depreciation expense Loss on sale of land Interest expense Income tax expense Total expenses Net income 2025 2024 $3,545,000 $3,071,000 2,487,000 1,957,000 1,058,000 1,114,000 962,000 865,000 37,000 30,500 0 8,700 21,500 18,500 8,700 51,500 1,029,200 974,200 28,800 139,800