Find Unknowns The following data pertain to the Francisco Corporation. Total assets at January 1, 20X1 were \($110,000;\) at December 31, 20X1, \($124,000\). During 20X1, sales were \($354,000\), cash dividends were \($5,000\), and operating expenses (exclusive of cost of goods sold) were \($200,000\). Total liabilities at December 31, 20X1 were \($55,000;\) at January 1, 20X1, \($50,000\). There was no additional capital paid in during 20X1.

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Compute the following: 1. Stockholders' equity, January 1, 20X1 and December 31, 20X1. 2. Net income for 20X1. 3. Cost of goods sold for 20X1.