A company sold products on account for $120,000. The cost of the goods sold was $72,000. What is the net impact of this transaction on assets and net income in the current period? Assets increase by $48,000; Net income increases by $48,000 Assets increase by $48,000; Net income increases by $120,000 Assets increase by $120,000; Net income increases by $120,000 Assets increase by $120,000; Net income increases by $48,000