The financial statements for Castile Products, Inc., are given below Castile Products, Inc. Balance Sheet Cument assets: S 23,000 Cash Accounts receivable, ne 360,000 10.000 Prepaid expenses Total current assets Property and equipment, ne Total assets 633.000 880,000 1,513.000 Liabilities and Stockholders Equity 250,000 Cument liablities Bonds payable, 10% Total Sabilies Stockholders equity 620.000 Common stock, $5 par value Retained eamings s 150,000 743.000 93.000 $1513,000 otal stockholders equity otal labilies and equity Castle Products, Inc. Income Statement $2.280,000 Sales Cost of goods sold 1080,00 Gross margin Selling and administrative expenses 610,000 Net operating income Interest expense 470,000 37,000 Net income belore taxes Income taxes (30%) 433000 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 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