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 Gain on sale of land Total revenues Expenses: Cost of goods sold Operating expenses Depreciation expense Interest expense Income tax expense Total expenses Net income Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Investments Land Equipment Accumulated depreciation Total assets $1,575,000 $2,450,000 7,500 2,457,500 600,000 18,000 19,000 65,000 2,277,000 $180,500 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 2024 2023 $139,400 $81,700 70,500 85,000 137,500 130,000 3,100 4,800 180,000 100,000 205,500 253,000 220,000 205,000 (120,500) (102,500) $835,500 $757,000