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 $3,061,000 1,955,000 1,106,000 Net sales Cost of goods sold Gross profit Expenses: Operating expenses Depreciation expense $863,000 27,000 8,500 17,500 53,000 Loss on sale of land Interest expense Income tax expense Total expenses 969, 000 $ 137,000 Net income VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2021 2020 Assets Current assets: $191,000 86, 000 110,000 12,500 $149,000 65, 000 140,000 6,600 Cash Accounts receivable Inventory Prepaid rent Long-term assets: Investment in bonds 110,000 215,000 275,000 (74,000) 245,000 215,000 (47,000) Land Equipment Less: Accumulated depreciation $925,500 $773,600 Total assets Liabilities and Stockholders' Equity Current liabilities: $ 71,000 Accounts payable 120,100 3,500 Interest payable 7,000 Income tax payable 17,500 14,500 Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings 230,000 290,000 305,000 235,000 $925,500 305,000 100, 500 $773,600 Total liabilities and stockholders' equity Earnings per share for the year ended December 31, 2021, are $1.20. The closing stock price on December 31, 2021, is $27.80. Required: Calculate the following profitability ratios for 2021. (Round your answers to 1 decimal place.) Profitability Ratios Gross profit ratio Return on assets 1. % 2. Profit margin 3. % Asset turnover times 4. Return on equity 5. Price-earnings ratio 6