Net Income = $50,000 Shareholders' Equity = Year 1 $300,000 and Year 2 $450,000 Total Assets = Year 1 =$505,000 and Year 2 = $495,000 Net Income = $50,000 Shareholders' Equity = Year 1 $300,000 and Year 2 $450,000 Total Assets = Year 1 =$505,000 and Year 2 = $495,000