Presented below are items for Wilson Company at December 31, 2014. 
Compute each of the following:
1. Total assets.
2. Total liabilities.
Definitions:
Financial Statements
Summarized records of a company's financial activities, presenting its financial position, performance, and cash flows over a certain period.
Face Value
The nominal or original value of a security or financial instrument as stated by the issuer, not including interest or dividends.
Principal
The initial amount of money borrowed or invested, excluding any interest or dividend.
Interest
The fee charged for borrowing money, often expressed as a percentage of the principal amount.
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