A company had total assets of $650,000 and total shareholders' equity of $250,000 at the beginning of the year. During the year, total assets increased by $350,000, total liabilities increased by $100,000, and dividends were declared and paid in the amount of $300,000. No other transactions occurred except revenues and expenses. How much is net income for the year? $500,000$550,000$650,000$750,000 A company had total assets of $650,000 and total shareholders' equity of $250,000 at the beginning of the year. During the year, total assets increased by $350,000, total liabilities increased by $100,000, and dividends were declared and paid in the amount of $300,000. No other transactions occurred except revenues and expenses. How much is net income for the year? $500,000$550,000$650,000$750,000