The financial statements for Castile Products, Incorporated, are given below: Castile Products, Incorporated Balance Sheet December 31 Assets Current assets: Cash $ 21,000 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, 9% 190,000 300,000 8,000 519,000 850,000 $ 1,369,000 Total liabilities Stockholders' equity: Common stock, $5 per value Retained earnings Total stockholders' equity Total liabilities and stockholders' equity Castile Products, Incorporated Income Statement For the Year Ended December 31 $ 200,000 390,000 590,000 $ 160,000 619,000 779,000 $ 1,369,000