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 $3,001,800 Cost of goods sold 1,943,000 Gross profit 1,058,000 Expenses: Operating expenses $851,800 Depreciation expense 23,500 Loss on sale of land 7,300 Interest expense 11,500 Income tax expense 41,000 Total expenses 934, 308 Net Income $ 123,700 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2821 2020 $179,000 74,000 98,000 11,300 $137,000 53,000 128,000 5,160 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 paybble Interest payable Income tax payable Long-term liabilities Notes payable Stockholders equity! Common stock Betained cornis 98.000 203.000 263,000 (58.500) 5857.500 233,000 203.000 35.000 5724,15 59.000 4.600 574.000 2.30 278, 218, Pro 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 $3,001,800 Cost of goods sold 1,943,000 Gross profit 1,058,000 Expenses: Operating expenses $851,800 Depreciation expense 23,500 Loss on sale of land 7,300 Interest expense 11,500 Income tax expense 41,000 Total expenses 934, 308 Net Income $ 123,700 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2821 2020 $179,000 74,000 98,000 11,300 $137,000 53,000 128,000 5,160 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 paybble Interest payable Income tax payable Long-term liabilities Notes payable Stockholders equity! Common stock Betained cornis 98.000 203.000 263,000 (58.500) 5857.500 233,000 203.000 35.000 5724,15 59.000 4.600 574.000 2.30 278, 218, Pro