The following income statement and balance sheets for Virtual Gaming Systems are provided. Net sales VIRTUAL GAMING SYSTEMS Income Statement For the Year Ended December 31, 2024 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 $3,086,000 1,960,000 1,126,000 $868,000 27,000 9,000 20,000 58,000 982,000 $144,000 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2024 2023 Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Investment in bonds. $196,000 $154,000 91,000. 70,000 115,000 145,000 13,000 7,200 115,000 0 Land 220,000 250,000 Equipment 280,000 220,000 Less: Accumulated depreciation (79,000) (52,000) Total assets 951,000 $794,200 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $76,000 $127,200 Interest payable 8,000 Income tax payable 20,000 4,000 15,000 Long-term liabilities: Long-term assets: Investment in bonds Land Equipment 115,000 0 220,000 250,000 280,000 220,000 Less: Accumulated depreciation (79,000) (52,000) Total assets 951,000 $794,200 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $76,000 $127,200 Interest payable 8,000 4,000 Income tax payable 20,000 15,000 Long-term liabilities: Notes payable Stockholders' equity: Common stock 295,000 235,000 310,000 310,000 Retained earnings Total liabilities and stockholders' equity 242,000 103,000 $951,000 $794,200 Earnings per share for the year ended December 31, 2024, are $1.40. The closing stock price on December 31, 2024, is $28.30. Required: Calculate the following profitability ratios for 2024. (Round your answers to 1 decimal place.) Profitability Ratios 1 Gross profit ratio % 2. Return on assets 3. Profit margin 4. Asset turnover % % times 5. Return on equity % 6 Price-earnings ratio