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First seminar E1.13 (LO 4) Sea Surf Resorts Inc. has the following financial information as at December 31, 2021: Calculate net income and prepare statements of changes in equity and financial position. Camping Camping revenue $283,000 Cash 19,000 Equipment 124,000 Accounts payable 16,500 Bank loan payable 50,000 Income tax expense 10,000 Dividends declared 12,000 Operating expenses 245,000 Supplies 2,500 Common shares, Jan. 1 30,000 Common shares issued during year 15,000 Retained earnings, Jan. 1 18,000 Instructions a. Determine net income for the year. b. Prepare a statement of changes in equity and a statement of financial position for the year