Question 6 of 9 View Policies Current Attempt in Progress -/11 E III Loren Satina is the only owner of Clear View Park, a public camping ground near the Lake Mead National Recreation Area. Loren has compiled the following financial information as of December 31, 2022. Service revenues during 2022 $205,000 Fair value of equipment $140,000 Accounts payable 11,000 Notes payable 60,000 Cash on hand Original cost of equipment 23,000 105,500 Expenses during 2022 150,000 Accounts receivable 17,500 (a) Determine Loren Satina's net income from Clear View Park for 2022. Net income $ (b) 55000 Prepare a balance sheet for Clear View Park as of December 31, 2022. Cash Accounts Receivable Equiqment Total Assets Current Assets Accounts Payable Notes Payable Owner's Equity Total Liabilities and Owner's Equity Total liability and Owners Equity Total Liabilities and Owner's Equity eTextbook and Media List of Accounts CLEAR VIEW PARK Balance Sheet December 31, 2022 Assets 23000 17500 10550.00 $ 51050.00 Liabilities and Owner's Equity $ 110000 60000 $ 75000 245000 $ 245000 Save for Later Last saved 31 minutes ago. Attempts: 0 of 5 used Submit Answer Saved work will be auto-submitted on the due date.