1. Crazy Quilting, LLC has current assets of $100,000, fixed assets of $400,000, current liabilities of $50,000, and long-term liabilities of $250,000.
   1. What is their shareholders equity?

2. If they sell 1,000 shares of stock for $100 each, what will change on their balance sheet? What changes on their income statement?

3. If they sell some of their old equipment for $75,000, that has a depreciated value of $50,000, what will change on their balance sheet? What will their income statement show?