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Exercise 1-14 a-b (Video) Cullumber Company, a public camping ground near the Four Corners National Recreation Area, has compiled the following financial information as of December 31, 2020. Revenues during 2020 $142,800 Notes $61,200 -camping fees payable Revenues during 2020 47,940 Expenses general store during 2020 153,000 Accounts payable 11,220 Supplies on 2,550 hand Cash on hand 20,400 Common 20,400 stock Original cost of 107,610 Retained ? equipment earnings Fair value of equipment 142,800 Determine Cullumber Company's net income for 2020. Cullumber Company's net income $Prepare a balance sheet for Cullumber Company as of December 31, 2020. (List Assets in order of liquidity.) Cullumber Company Balance Sheet For the Year Ended December 31, 2020 Assets $ Liabilities and Stockholders' Equity $