The following income statement and balance sheets for Virtual Gaming Systems are provided. VIRTUAL GAMING SYSTEMS Income Statement For the year ended December 31, 2018 Net sales Cost of goods sold $3,081,000 1,959,000 Gross profit 1,122,000 $867,000 27,000 8,900 19,500 57,000 Depreciation expense Loss on sale of land Interest expense Income tax expense 979,400 Total expenses $ 142,600 Net income VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2018 2017 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent $195,000 90,000 14,000 12,900 $153,000 69,000 144,000 7,080 Long-term assets: Investment in bonds Land Equipment Less: Accumulated depreciatipn 114,000 219,000 279,000 (78,000) 249,000 219,000 (51,000) 945,900 $790,080 Total assets Liabilities and Stockholders' Equity Current liabilities: 75,000 $125,780 3,900 4,900 Accounts payable Interest payable Income tax payable 7,800 19,500 294,000 309,000 Long-term liabilities: Notes payable 234,000 Stockholders' equity: Common stock Retained earnings 309,000 102,500 240,600 Total liabilities and stockholders equity $945,900 $790,080 Earnings per share for the year ended December 31, 2018, are $1.30. The closing stook price on December 31, 2018, is $28.20. Required Calculate the following profitability ratios for 2018.(Round your answers to 1 decimal place.) Profitability Ratios 1. Gross profit ratio 2. Returm on assets 3. Profit margin 4. Asset turnover 5. Return on equity 36.41% 4.61% times Price-earnings ratio