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 $19,000 230,000 370,000 10,000 Total current assets Property and equipment, net 629,000 870,000 Total assets $1,499,000 Liabilities and Stockholders' Equity Liabilities Current liabilities Bonds payable, 10% $ 280,000 360,000 640,000 $180,000 Total liabilities Stockholders' equity: Common stock, $10 par value Retained earnings 679,000 859,000 $1,499,000 Total stockholders' equity Total liabilities and stockholders' equity