Deer Park Inc. is a public camping ground near the Lake Mead National Recreation Area. It has compiled the following financial information as of December 31, 1998:

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Revenues during 1998: camping fees $147,000 Revenues during 1998: general store Accounts payable Cash on hand Original cost of equipment Instructions Market value of equipment $140,000 40,000 Notes payable 60,000 11,000 Expenses during 1998 152,000 7,000 Supplies on hand 2,500 115,500 Common stock 50,000 Retained earnings ? (a) Determine net income from Deer Park Inc. for 1998. (b) Prepare a balance sheet for Deer Park Inc. as of December 31, 1998.