175 polnts The financial statements for Castile Products, Inc., are given below Castile Products, Inc Balance Sheet 31 Assets Current assets Cash Accounts receivable, net Merchandise inventony Prepaid expenses s 24.000 190,000 330,000 9,000 Total current assets Property and equipment, net 553,000 890,000 Total assets $1,443,000 Liabilities and Stockholders Equity Liabilities: Current liabilities Bonds payable, 1096 s220,000 330,000 550,000 $ 100,000 Total liabilities Stockholders' equity Common stock, $10 par value Retained earnings 793,000 893,000 $1,443,000 Total stockholders' equity Total liabilities and equity Castle Products, Inc. Income Statement For the Year Ended December 31 Sales Cost of goods sold $2,190,000 1.240,000 Gross margn Selling and administrative expenses 950,000 590,000 Net operating income 360,000