Exercise 1-14 Pharoah Company, a public camping ground near the Four Corners National Recreation Area, has compiled the following financial information as of December 31, 2019. Revenues during 2019-camping fees Revenues during 2019-general store Accounts payable $210,000 Notes payable 70,500 Expenses during 2019 16,500 Supplies on hand 30,000 Common stock 158,250 Retained earnings 210,000 $90,000 225,000 3,750 30,000 Cash on hand ? Original cost of equipment Fair value of equipment Determine Pharoah Company's net income for 2019. Pharoah Company's net income 55500 $ Prepare a balance sheet for Pharoah Company as of December 31, 2019. (List Assets in order of liquidity.) Pharoah Company Balance Sheet Assets $ $ Liabilities and Stockholders' Equity $ $