Recent financial statements for Madison Company follow:

Madison Company Balance Sheet June 30
Assets
Current assets:
Cash				$	21,000
Accounts receivable, net					160,000
Merchandise inventory					300,000
Prepaid expenses					9,000
Total current assets					490,000
Plant and equipment, net					810,000
Total assets				$	1,300,000
Liabilities and Stockholders' Equity
Liabilities:
Current liabilities				$	200,000
Bonds payable, 10%					300,000
Total liabilities					500,000
Stockholders