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 $3,086,000 Cost of goods sold 1.960,000 Gross profit 1.126,000 Expenses Operating expenses $868,000 Depreciation expense 32,000 Loss on sale of land 9,000 Interest expense 20.000 Income tax expense 58,000 Total expenses Net Income $ 139.000 987.000 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2021 2020 $196,000 91,000 115,000 13,000 $154,000 70,000 145,000 7.200 Assets Current assetst Canh Accounts receivable Inventory Prepaid rent Long-term assotsi Investment in bonds Land Equipment Lessi Accumulated depreciation Total assets Liabilities and stockholders' Equity Current liabilities Accounts payable Interest payable Income tax payable Long-term liabilities: Botes payable Stockholders equity : Coron stock Retained earnings Total liabilities and stockholders' equity 115,000 220,000 280,000 (84,000) $946,000 250.000 220,000 (52,000) $794,200 $ 76,000 8,000 20,000 $91,000 4.000 15,000 295,000 235,000 310.000 237,000 $946,000 310,000 139,200 $794,200 Earnings per share for the year ended December 31, 2021, are $1.40. The closing stock price on December 31, 2021. Is $28.30. $196,000 91,000 115,000 13,000 $154,000 70,000 145,000 7,200 115,000 220,000 280,000 (84,000) $946,000 250,000 220,000 (52,000) $794,200 Current assets! Cash Accounts receivable Inventory Prepaid rent Long-term assetst 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 $ 76,000 8.000 20,000 $ 91,000 4,000 15,000 295,000 235,000 310,000 237,000 $946,000 310.000 139,200 $794,200 Earnings per share for the year ended December 31, 2021, are $1,40. The closing stock price on December 31, 2021, is $28.30. 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 1 % times %