Pharoah Company is a private camping ground near the Mount Miguel Recreation Area. It has compiled the following financial information as of December 31, 2017.

Service revenue (from camping fees)		$198,000		Dividends		$13,500
Sales revenue (from general store)		37,500		Notes payable		75,000
Accounts payable		16,500		Expenses during 2017		189,000
Cash		12,750		Supplies		8,250
Equipment		171,000		Common stock		60,000
				Retained earnings (1/1/2017)		7,500