The financial statements for Castile Products, Inc., are given below. Castile Products, Inc. Balance Sheet December 31 Assets Current assets. 20,000 Cash 190,000 Accounts receivable, net Merchandise inventory 390.000 Prepaid expenses 9,000 609,000 Total current assets 810,000 Property and equipment, net $1,419,000 Total assets Liabilities and Stockholders' Equity Liabilities 240.000 Current liabilities 330,000 Bonds payable, 11% 570,000 Total liabilities Stockholders' equity: 160,000 Common stock, $5 par value 689,000 Retained earnings 849,000 Total stockholders' equity $1,419,000 Total liabilities and equity