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 $2,986,000 Cost of goods sold 1,940,000 Gross profit 1,046,000 Expenses: Operating expenses $848,000 Depreciation expense 27,000 Loss on sale of land 7,000 Interest expense 10,000 Income tax expense 38,000 Total expenses 930,000 Net income $ 116,000 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2021 2020 $176,000 71,000 95,000 11,000 $134,000 50,000 125,000 4,800 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: 95,000 200,000 260,000 (59,000) $849,000 230,000 200,000 (32,000) $711,800 Accounts payable Interest payable Income tax payable $ 56,000 4,000 10,000 98,800 2,000 13,000 $ 849,000 $711,800 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 $ 56,000 4,000 10,000 98,800 2,000 13,000 275,000 215,000 290,000 214,000 $849,000 290,000 93,000 $711,800 Earnings per share for the year ended December 31, 2021, are $1.20. The closing stock price on December 31, 2021, is $26.30. 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 times