Deer Park, a public camping ground near the Lake Mead National Recreation Area, has compiled the following financial information as of December 31, 2011.

Instructions
(a) Determine Deer Park€™s net income for 2011.
(b) Prepare a balance sheet for Deer Park as of December 31,2011.

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$140,000 Revenues during 2011-camping fees Revenues during 2011-general store Accounts payable Cash on hand Original cost of equipment Market value of equipment Notes payable Expenses during 2011 Supplies on hand Common stock 60,000 150,000 2,500 20,000 50,000 11,000 23,000 105,500 Retained earnings 140,000