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 and paid for year 25,000

Common Stock Sold during year 10,000