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The financial statements for Castile Products, Inc., are given below Castile Products, Inc. Balance Sheet December 31 Current assets: $ 23,000 Cash Accounts recevable, net

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The financial statements for Castile Products, Inc., are given below Castile Products, Inc. Balance Sheet December 31 Current assets: $ 23,000 Cash Accounts recevable, net Merchandise inventory Prepaid expenses 360.000 10,000 Total current assets Property and equipment, net Total assets 880000 1,513.000 Liabilities and Stockholders Equity S 250.000 Currentliablities Bonds payable, 10% Total Sabilies Stockholders equity 620,000 $ 150.000 Common stock, $5 par value Retained eamings 743.000 893,000 $1,513.000 Total stockholders' equity Total labilidies and equity Castle Products, Inc. Income Staterment For the Year Ended December 31 2.280,000 Sales Cost of goods sold Gross margin Selling and administrative expenses 1,080.000 610,000 Net operating income Interest expense 470,000 37,000 Net income before taxes Income taxes(30%) 433,000 29,900 Net income $ 303,100 Account balances at the beginning of the year were: accounts receivable, $200,000; and inventory, $350,000. All sales were on account. Assume that Castile Products, Inc., paid dividends of $2.75 per share during the year. Also assume that the company's common stock had a market price of $55 at the end of the year and there was no change in the number of outstanding shares of common stock during the year

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