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 Total current assets Property and equipment, net Total assets Liabilities and Stockholders' Equity Liabilities: Current liabilities Bonds payable, 10% Total liabilities Stockholders' equity: Common stock, $10 per value Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 23,000 210,000 380,000 7,000 620,000 900,000 $1,520,000 $ 240,000 320,000 560,000 $ 170,000 790,000 960,000 $1,520,000 Castile Products, Inc. Income Statement For the Year Ended December 31 Sales Cost of goods sold $3,895,000 1.380.000