The Balance Sheet Equation. The Claremont Company reported the following financial results during its first two years of operations Year End Assets = Liabilities + Shareholder Equity Year 1...... $110,000 = $60,000 + $50,000 Year 2..... $125,000 = $80,000 + $45,000 Assuming that no dividends were declared and that no additional capital was invested in year 2, determine the net income (loss) for the Claremont Company in Year 2