The financial statements for Castile Products, Inc., are given below: Castile Products, Inc. Balance Sheet December 31 Assets Current assets: Cash Accounts receivable, net Merchandise inventory Prepaid expenses $ 20,000 230,000 360,000 9,000 Total current assets Property and equipment, net 619,000 810,000 Total assets $1,429,000 Liabilities and Stockholders' Equity Liabilities Current liabilities Bonds payable, 11% $ 290,000 340,000 630,000 $ 160,000 Total liabilities Stockholders' equity: Common stock, $10 par value Retained earnings 639,000 799,000 $1,429,000 Total stockholders' equity Total liabilities and stockholders' equity