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The financial statements for Castile Products, Inc., are given below: Castile Products, Inc. Balance Sheet Assets Current assets: S 18,000 220,000 340,000 9,000 Cash Accounts receivable, net Prepaid expenses Total current assets Property and equipment, net 587,000 850,000 Total assets $1,437,000 Liabilities and Stockholders' Equity Current liabilities Bonds payable, 8% S 230,000 310,000 540,000 S 140,000 Total liabilities Stockholders equity: Common stock, $5 par value Retained earnings 757,000 897,000 $1,437,000 Total stockholders equity Total liabilities and equity Castile Products, Inc. Income Statement For the Year Ended December 31 Sales Cost of goods sold 52,150,000 1,240,000 Gross margin Selling and administrative expenses 910,000 590,000 Net operating income Interest expense 320,000 24,800 Net income before taxes Income taxes (30%) 295,200 88,580 Net income S 208,640 Account balances at the beginning of the year were: accounts receivable, $200,000; and inventory 5340,000. All sales were on account Assume that Castile Products, Inc., paid dividends of $3.25 per share during the year. Also assume that the company's common stock had a market price of $85 at the end of the year and there was no change in the number of outstanding shares of common stock during the year