VITIUML UMrirvu sisicms Income Statements For the Years Ended December 31 \begin{tabular}{lrr} Net sales & 2025 & 2024 \\ Cost of goods sold & $3,480,000 & $3,006,000 \\ Gross profit & 2,474,000 & 1,944,000 \\ Expenses: & 1,006,000 & 1,062,000 \\ Operating expenses & & \\ Depreciation expense & 949,000 & 852,000 \\ Loss on sale of land & 24,000 & 24,000 \\ Interest expense & 0 & 7,400 \\ Income tax expense & 15,000 & 12,000 \\ Total expenses & 7,400 & 45,000 \\ Net income & 995,400 & 940,400 \\ & 10,600 & 121,600 \\ \hline \end{tabular} VIRTUAL GAMING SYSTEMS Balance Sheets December 31 202520242023 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: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity \begin{tabular}{rrr} $244,200 & $60,000 & $98,480 \\ 7,200 & 4,800 & 2,400 \\ 11,400 & 12,000 & 13,400 \\ 346,000 & 279,000 & 219,000 \\ 294,000 & 294,000 & 294,000 \\ 111,600 & 222,600 & 101,000 \\ \hline$1,008,400 & $872,400 & $728,280 \\ \hline \end{tabular} 2. Calculate the following profitability ratios for 2024 and 2025: (Round your answers to 1 decimal place.)