The financial statements for Castile Products, Incorporated, are given below: Castile Products, Incorporated Balance Sheet December 31 Assets Current assets: Cash Accounts receivable, net Merchandise inventory Prepaid expenses Total current assets Property and equipment, net Total assets Liabilities and Stockholders' Equity Liabilities: Current liabilities Bonds payable, 12% Total liabilities Stockholders' equity: Common stock, $5 per value Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $ 23,000 190,000 300,000 10,000 523,000 890,000 $ 1,413,000 $ 200,000 330,000 530,000 $ 170,000 713,000 883,000 $ 1,413,000 Castile Products, Incorporated Income Statement For the Year Ended December 31 Sales $ 2,210,000 Cost of goods sold 1,230,000 Gross margin Selling and administrative expenses Net operating income Interest expense Net income before taxes Income taxes (30%) Net income 980,000 570,000 410,000 39,600 370,400 111,120 $ 259,280 Account balances at the beginning of the year were: accounts receivable, $180,000; and inventory, $360,000. All sales were on account. Assume that Castile Products, Incorporated, paid dividends of $3.85 per share during the year. Also assume that the company's common stock had a market price of $70 at the end of the year and there was no change in the number of outstanding shares of common stock during the year.