A condensed balance sheet for Bradford Corporation prepared at the end of the year appears as follows: Liabilities & Stockholders Equity Assets Cash 90.000 Notes payable (due in 6 months) 47,000 Accounts receivable 120,000 Accounts payable 114,000 Inventory 260,000 Long-term liabilities 319,000 60,000 Capital stock, $5 par 300,000 Prepaid expenses 410,000 Plant & equipment (net) 570,000 Retained earnings Other assets 90,000 1,190,000 Total 1,190,000 Total During the year the company earned a gross profit of $1,116,000 on sales of $2,950,000. Accounts receivable, inventory, and plant assets remained almost constant in amount throughout the year, so year- end figures may be used rather than averages