Bear Park, a public camping ground near the Lake Mead National Recreation Area, has compiled the following financial information as of December 31, 2014.

Revenues during 2014—camping fees $140,000 Revenues during 2014—general store 47,000 Accounts payable 11,000 Cash on hand 20,000 Original cost of equipment 105,500 Fair value of equipment 140,000 Instructions

(a) Determine Bear Park’s net income for 2014.

Notes payable $ 60,000 Expenses during 2014 150,000 Supplies on hand 2,500 Common stock 20,000 2) Retained earnings

(b) Prepare a balance sheet for Bear Park as of December 31, 2014.