Problem 10 - Financial statement interrelationships **** Also be sure to sign up for the WSJ petore the next class. A company has a balance sheet indicating assets of $400,000 and liabilities of $150,000 at the beginning of the year. During the year, the company sold additional stock for cash in the amount of $1300,000. If total equity at year end is $460,000, what was net income for the year? Problem 11 Financial statement interrelationships UsOng the same information as #10, further assume that dividends were declared in the amount of $62,000. What was net income for the year