The financial statements for Castile Products, Inc., are given below: Castile Products, Inc. Balance Sheet December 31 Assets Current assets $18,000 240,000 400,000 11,000 669,000 840,000 $1,509,000 Cash Accounts receivable, net Merchandise inventory Prepaid expenses Total current assets Property and equipment, net Total assets Liabilities and Stockholders' Equity Liabilities: Current liabilities $270,000 380,000 650,000 Bonds payable, 10% Total liabilities Stockholders' eguity: $ 150,000 709,000 859,000 Total liabilities and stockholders' equity$1,509,000 Common stock, $5 par value Retained earnings Total stockholders' equity