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 $ 23,000 210,000 380,000 12,000 Total current assets Property and equipment, net 625,000 830,000 Total assets $1,455,000 Liabilities and Stockholders' Equity Liabilities Current liabilities Bonds payable, 10% $260,000 320,000 580,000 $130,000 Total liabilities Stockholders' equity: Common stock, $10 par value Retained earnings 745,000 875,000 $1,455,000 Total stockholders' equity Total liabilities and equity