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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
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 Net sales 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 $3,535,000 2,485,000 1,050,000 960,000 35,000 0 20,500 8,500 1,024,000 26,000 2024 $3,061,000 1,955,000 1,106,000 863,000 29,500 8,500 17,500 50,500 969,000 137,000
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