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

$204,400

Notes payable

$87,600

Revenues during 2020general store

68,620

Expenses during 2020

219,000

Accounts payable

16,060

Supplies on hand

3,650

Cash on hand

29,200

Common stock

29,200

Original cost of equipment

154,030

Retained earnings

?

Fair value of equipment

204,400

DetermineSplish Brothers Inc.'s net income for 2020.

Prepare a balance sheet forSplish Brothers Inc.as of December 31, 2020