The following income statement and balance sheets for Virtual Gaming Systems are provided.

Earnings per share for the year ended December 31, 2024, are $1.20. The closing stock price on December 31, 2024, is $27.50

REQUIRED: Calculate the following profitability ratios for 2024. (Round your answers to 1 decimal place.)

*** Please help with answers for 5. And 6.****

VIRTUAL GAMING SYSTEMS Income Statement NetsalesCostofgoodssoldGrossprofitExpenses:OperatingexpensesDepreciationexpenseLossonsaleoflandInterestexpenseIncometaxexpenseTotalexpensesNetincomeFortheYearEndedDecember31,2024$3,046,0001,952,0001,094,000$860,00027,0008,20016,00050,000961,200$132,800 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 \begin{tabular}{|l|l|l|} \hline \multicolumn{2}{|c|}{ Profitability Ratios } & % \\ \hline 1. Gross profit ratio & & % \\ \hline 2. Return on assets & & % \\ \hline 3. Profit margin & & times \\ \hline 4. Asset turnover & & % \\ \hline 5. Return on equity & \\ \hline 6. Price-earnings ratio & & \\ \hline \end{tabular}