The Bedford Corporation reported the following income statement and balance sheet amounts and additional information for the end of the current year. End of current End of prior year year $1,220,000 Net sales revenue (all credit) Cost of goods sold $725,000 Gross profit $495,000 $280,000 Selling/general expenses $42,000 Interest expense $173,000 Net Income Current assets $113,000 $82,000 Long-term assets $512,000 $440,000