The following income statement and balance sheets for Virtual Gaming Systems are provided. VIRTUAL GAMING SYSTEMS Income or the year ended December 31, 2018 Net sales Cost of goods sold $3,001,000 1,943,000 Gross profit 1,058,000 Expenses Operating expenses Depreciation expense Loss on sale of land Interest expense Income tax expense $851,000 27,000 7,300 11,500 41,000 Total expenses 937,800 Net income S 120,200 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2018 2017l Assets Current assets Cash Accounts receivable Inventory Prepaid rent $179,000$137 000 53.000 128.000 11.3005.160 74 000 98.000 Long-term assets 98,000 Investment in bonds Land Equipment Less: Accumulated depreciation 203000233,000 203,000 62 000)(35000) 263 000 Total assets 864 300$724 160 Liabilities and Stockholders' Equity Current liabilities: s 59 000$103/060 Accounts payable Interest payable Income tax pavable 4600 2.300