Required information [The following information applies to the questions displayed below.] 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 $3, 495, 000 2,477, 000 1,018, 000 2021 $3,021,000 1,947,000 1,074, 000 Net sales Cost of goods sold Gross profit Expenses: Operat ing expenses Depreciat ion expense Loss on sale of land 952, 000 27,000 855, 000 25, 500 7, 700 13, 500 46, 500 948, 200 $ 125,800 16,500 7, 700 1,003, 200 Interest expense Income tax expense Total expenses 14, 800 Net income VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2021 2022 2020 Assets Current assets: Cash Accounts receivable $183,000 78,000 102,000 11,700 $141,000 57,000 132,000 5,640 $ 199, 500 73, 500 123, 500 13, 700 Inventory Prepaid rent Long-term assets: Investment in bonds Land Equi pment Less: Accumulated depreciat ion 102, 000 297, 000 297, 000 (91,500) $1,014, 700 102,000 207, 000 267, 000 (64,500) $886, 200 237, 000 207, 000 (39,000) $740, 640 Total assets Liabilities and Stockholders Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term li abilities: Notes payable Stockholders' equity: Common stock Retained earnings $ 213, 600 8, 100 11,700 $ 63, 000 5, 400 13,500 $105, 740 2,700 13, 700 370, 000 282, 000 222, 000 297, 000 99, 500 297, 000 114, 300 $1,014, 700 297, 000 225, 300 $886, 200 $740, 640 Total liabilities and stockholders' equity 2. Calculate the following profitability ratios for 2021 and 2022: (Round your answers to 1 decimal place.) 2021 2022 Gross profit ratio Return on assets Profit margin Asset turnover times times