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 Net sales $3,066,080 Cost of goods sold 1,956,000 Gross profit 1,110,000 Expenses: Operating expenses $864,000 Depreciation expense 27,000 Loss on sale of land 8,600 Interest expense 18,000 Income tax expense 54,000 Total expenses 971, 600 Net income $ 138,400 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2021 2020 $192,600 87,080 111,000 12,600 $150,000 66,000 141,000 6, 720 111,000 216,000 276,000 (75,000) $930,600 246,000 216,000 (48,eee $777, 720 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Investment in bonds Land Equipment Less: Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity $ 72,000 7,28 18,eee $ 121,520 3,600 14,600 291,000 231,600 306,000 236,400 $930,600 306,000 101.000 $777,720 Earnings per share for the year ended December 31, 2021, are $1.30. The closing stock price on December 31, 2021, is $27.90 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