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 $ 22,000 200,000 390,000 7,000 Total current assets Property and equipment, net 619,000 910,000 Total assets $1,529,000 Liabilities and Stockholders' Equity Liabilities: Current liabilities Bonds payable, 9% $ 260,000 350,000 610,000 S 120,000 Total liabilities Stockholders' equity: Common stock, $5 par value Retained earnings 799,000 919,000 $1,529,000 Total stockholders equity Total liabilities and equity Castile Products, Inc. Income Statement For the Year Ended December 31 Sales Coct of ooode sold S2.260000 1 190 00o