SECTION TWO: At January 1, the firm reported $478 in assets. For the year, the firm reported revenues of $583, expenses of $608, and dividends of $25. In addition, during the year, the firm issued $44 in common stock. No other changes in equity occurred. Assets at year-end were $1,200 and owners' equity at year-end was $100. What were the liabilities at January 1