The Bedford Corporation reported the following income statement and balance sheet amounts and additional information for the end of the current year. End of prior End of current year year $1,220,000 Net sales revenue (all credit) Cost of goods sold $725,000 $495,000 Gross profit $280,000 Selling/general expenses $47,000 Interest expense $168,000 Net Income $113,000 $82,000 Current assets Long-term assets $512,000 $440,000