1: Income Statement (Chapters 03 & 04, 30 points) The firm X's condensed financial data is as follows: Total assets Firm X Balance Sheet As of December 31, 2020 January 1, 2020 $300,000 Total liabilities 150,000 Stockholders' equity X1? Common stock X3? Retained earnings X4 Additional data: December 31, 2020 500,000 X5? X2? 80,000 50,000 The value of common stocks sold during the year: $25,000 The dividends declared during the year: $16,000 The weighted average number of shares outstanding during the year 2020: 10,000 shares Required: a. Determine X1, X2, X3, X3, X5 that reported on the balance sheet (Show your work, 10 points) b. Compute the net income for the year 2020. (Show your work, 10 points) c. Compute the earning per share (EPS) for the year 2020 and interpret this ratio. (Show your work, 10 points)