Loren Satina is the sole owner of Clear View Park, a public camping ground near the Lake Mead National Recreation Area. Loren has compiled the following financial information as of December 31, 2017.

Instructions
(a) Determine Loren Satina€™s net income from Clear View Park for 2017.
(b) Prepare a balance sheet for Clear View Park as of December 31,2017.

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Revenues during 2017-camping fees Revenues during 2017-general store Accounts payable Cash on hand Original cost of equipment $140,000 65,000 11,000 23,000 105,500 Fair value of equipment Notes payable Expenses during 2017 Accounts receivable $140,000 60,000 150,000 17,500