1.02 Determine Net Income Discussion At Let's see what we all remember from Accounting 1. What would the net income/loss be for the year using the following information? Please explain your calculations used to get your numbers. Jan 1, 2017 total assets Dec 31, 2017 total assets $150,000 $175,000 Jan 1, 2017 total liabilities $35,000 Dec 31, 2017 total liabilities $145,000 Dividends declared and paid for year $25,000 Common Stock Sold during year $10.000 Hint: Use some of the tools you learned in Accounting 1 to solve this (T-Account and Accounting Equation