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, 2024
Net sales		$2,560,000
Gain on sale of land		5,000
Total revenues		2,565,000
Expenses:
Cost of goods sold	$1,630,000
Operating expenses	611,000
Depreciation expense	29,000
Interest expense	30,000
Income tax expense	76,000
Total expenses		2,376,000
Net income		$189,000

VIRTUAL GAMING SYSTEMS
Balance Sheets
December 31
	2024	2023
Assets
Current assets:
Cash	$331,240	$269,880
Accounts receivable	68,400	84,000
Inventory	154,000	141,000
Prepaid rent	4,360	6,720
Long-term assets:
Investments	191,000	100,000
Land	213,000	266,000
Equipment	242,000	216,000
Accumulated depreciation	(137,000)	(108,000)
Total assets	$1,067,000	$975,600
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable	$33,000	$94,000
Interest payable	4,600	3,600
Income tax payable	23,400	27,000
Long-term liabilities:
Notes payable	257,000	231,000
Stockholders' equity:
Common stock	416,000	360,000
Retained earnings	333,000	260,000
Total liabilities and stockholders equity	$1,067,000	$975,600

Additional Information for 2024:

1. Purchased additional investment in stocks for $91,000.
2. Sold land for $58,000. The land originally was purchased for $53,000, resulting in a $5,000 gain being recorded at the time of the sale.
3. Purchased $26,000 in equipment by issuing a $26,000 long-term note payable to the seller. No cash was exchanged in the transaction.
4. Declared and paid a cash dividend of $116,000.
5. Issued common stock for $56,000.