The following income statement and balance sheets for Virtual Gaming Systems are provided VIRTUAL GAMING SYSTEMS Income Statement For the year ended December 31, 2021 $3,006,000 1,944,000 , 062 , 000 Net sales Cost of goods sold Gross profit Expenses: $852,000 27,000 7,400 12,000 42,000 Operating expenses Depreciation expense Loss on sale of land Interest expense Income tax expense 940,400 $ 121,600 Total expenses Net income VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2020 2021 AssetS Current assets: $180,000 75,000 99,000 11,400 $138,000 54,000 129,000 5,280 Cash Accounts receivable Inventory Prepaid rent Long-term assets: Investment in bonds Land Equipment Less: Accumulated depreciation 99,000 204,000 264,000 63,000 $869,400 234,000 204,000 36,000 $728,280 Total assets Liabilities and Stockholders' Equity Current liabilities: 60,000 4,800 12,000 Accounts payable Interest payable Income tax payable 104,480 2,400 13,400 Long-term liabilities: Notes payable 279,000 219,000 Stockholders' equity: Common stock Retained earnings 294,000 219,60095,000 294,000 $869,400 $728,280 Total liabilities and stockholders' equity Earnings per share for the year ended December 31, 2021, are $1.40. The closing stock price on December 31, 2021, is $26.70. Required: Calculate the following profitability ratios for 2021. (Round your answers to 1 decimal place.) Profitability Ratios 1. Gross profit ratio 2.Return on assets 3. Profit margin 4. Asset turnover 5. Return on equity 6. Price-earnings ratio times