El.14 (LO 5) Bear Park Ltd., a camping ground in the Lake District, has compiled the following financial information as of December 31, 2020. 60,000 Notes payable Expenses during 2020 Supplies on hand Share capital-ordinary Retained earnings Revenues during 2020-camping fees Revenues during 2020-general store Accounts payable Cash on hand 140,000 150,000 47,000 11,000 2,500 20,000 20,000 Original cost of equipment Fair value of equipment 105,500 140,000 Instructions a. Determine Bear Park's net income for 2020 b. Prepare a statement of financial position for Bear Park Ltd. as of December 31, 2020