The income statement, balance sheets, and additional information for Virtual Gaming Systems are provided. VIRTUAL GAMING SYSTEMS Income Statement For the year ended December 31, 2021 Net sales Gain on sale of land Total revenues Expenses: Cost of goods sold Operating expenses Depreciation expense Interest expense Income tax expense Total expenses Net income Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Investments Land $1,615,000 608,000 26,000 27,000 $2,530,000 3,500 2,533,500 73,000 2,349,000 $ 184,500 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 Equipment Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: 2021 2020 $ 265,120 71,700 149,500 $ 206,940 87,000 138,000 4,180 6,360 188,000 100,000 211,500 263,000 236,000 (132,500) 213,000 (106,500) $ 993,500 $ 907,800 Screenshot