The financial statements for Castile Products, Inc., are given below: Castile Products, Inc Balance Sheet December 31 Assets Current assets: 23,000 Cash Accounts receivable, net 230,000 370,000 Merchandise inventory Prepaid expenses 8,000 631,000 Total current assets 880,000 Property and equipment, net $1,511,000 Total assets Liabilities and Stockholders' Equity Liabilities 240,000 Current liabilities Bonds payable, 9% 340,000 580,000 Total liabilities Stockholders' equity: 110,000 Common stock, $10 par value 821,000 Retained earnings 931,000 Total stockholders' equity $1,511,000 Total liabilities and equity