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Splish Brothers Inc., a public camping ground near the Four Corners National Recreation Area, has compiled the following financial information as of December 31, 2020.

Splish Brothers Inc., a public camping ground near the Four Corners National Recreation Area, has compiled the following financial information as of December 31, 2020.

Revenues during 2020camping fees$204,400Notes payable$87,600Revenues during 2020general store68,620Expenses during 2020219,000Accounts payable16,060Supplies on hand3,650Cash on hand29,200Common stock29,200Original cost of equipment154,030Retained earnings?Fair value of equipment204,400

Determine Splish Brothers Inc.'s net income for 2020.

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