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The following income statement and balance sheets for Virtual Gaming Systems are provided. VIRTUAL GAMING...

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Accounting

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 $ 3,076,000 Cost of goods sold 1,958,000 Gross profit 1,118,000 Expenses: Operating expenses $ 866,000 Depreciation expense 31,000 Loss on sale of land 8,800 Interest expense 19,000 Income tax expense 56,000 Total expenses 980,800 Net income $ 137,200 VIRTUAL GAMING SYSTEMS Balance Sheets December 31

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