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 $150,000

Dec.31, 2017 total assets $175,000

Jan. 1, 2017 total liabilities $35,000

Dec. 31, 2017 total liabilities $145,000

Dividends declared for year $25,000

Dividends paid out for the year $37,500

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).