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The financial statements for Castile Products, Inc., are given below: Castile Products, Inc. Bslance Sheet Assets Current assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses 20,000 240,000 380,000 8,000 Total current assets Property and equipment, net 848,000 890,00O Total assets 51,538,000 Liabilities and Stockholders' Equity Lisbilities: Current liabilities Bonds payable, 11% 5 290,000 370,000 860.000 110.000 Total liabilities Stockholders equity: Common stock, S10 par value Retained earnings 768,000 878,000 1,538,000 Total stockholders' equity Total liabilities and equity Castile Products, Inc. Income Statement For the Year Ended December 31 Sales Cost of goods sold 53,360,000 1,591,000 Gross margin Selling and administrative expenses 1,769,000 570,000 Net operating income Interest expense 1,199,000 40.700 Net income before taxes Income taxes (30%) 1,158,300 347.490 Net income 5 810,810