The Income statement, balance sheets, and additional Information for Virtual Gaming Systems are provided. $2,450,000 7.500 2,457, 500 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 $1,575,000 Operating expenses 600,000 Depreciation expense 18,000 Interest expense 19,000 Income tax expense 65,000 Total expenses Net income 2.277.000 $ 180,500 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2021 2020 $ $ 139,400 70,500 137,500 3,100 81,700 85,000 130,000 4,800 Assets Current assetst Cash Mecounts receivable Inventory Prepaid rent Long-term assets. Investments Land Equipment Accumulated depreciation Total assets Liabilities and Stockholders. Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term abilities: Notes payable Stockholders' equity! Common stock Retained earnings Total liabilities and stockholders' equity 180,000 205,500 220,000 (120,500 $ 835,500 100,000 253,000 205,000 (102,500) $ 757,000 $ $ 27,500 3,500 29,000 83,000 2,500 31,500 255,000 240,000 295,000 225,500 $ 835,500 250,000 150,000 $ 757.000 Additional Information for 2021: 1. Purchase additional investment in stocks for $80,000 2. Sell land costing $47,500 for $55,000, resulting in a $7,500 gain on sale of land. 3. Purchase $15,000 in equipment by issuing a $15,000 long-term note payable to the seller. No cash is exchanged in the t Prey 1 of 1 Next Additional Information for 2021: