Income statements and balance sheets data for Virtual Gaming Systems are provided below VIRTUAL GAMING SYSTEMS Income Statements For the year ended December 31 2019 2018 $3,545,000 2,487000 $3,071,000 1,957000 1,114,000 Net sales Cost of goods sold Gross profit 1.058,000 Expenses: Operating expenses Depreciation expense Loss on sale of land Interest expense Income tax expense 962,000 37,000 0 21,500 8,700 865,000 30,500 8,700 18,500 51,500 Total expenses 1,029,200 974,200 Net income $ 28,800 $ 139,800