Jan Way is the sole owner of Bear Park, a public camping ground near the Lake Mead

National Recreation Area. Jan has compiled the following financial information as of December 31, 2005.

Revenues during 2005camping fees $140,000 Market value of equipment $140,000

Revenues during 2005general store 47,000 Notes payable 60,000

Accounts payable 11,000 Expenses during 2005 150,000

Cash on hand 20,000 Supplies on hand 2,500

Original cost of equipment 105,500

Instructions

(a) Determine Jan Way's net income from Bear Park for 2005.

(b) Prepare a balance sheet for Bear Park as of December 31, 2005.