Loren satina is the sole owner of clear view park a public camping ground near the lake mead national recreation area. Loren compiled the following financial information as of December 31, 2017

Revenues during 2017- camping fees $140,000 Fair value of equitment $140,000

Revenues during 2017 -general store 65,000 Notes payable 60,000

Accounts payable 11,000 Expenses during 2017 150,000

Cash on hand 23,000 Accounts recievable 17,500

Original cost of equitment 105,500

instructions

(a) Determine Loren Satina's net income from clear view park for 2017

(b) Prepare a balance sheet for clear view park as of December 31, 2017