wyco park, a public camping ground near the four corners national recreation area, has compiled the folowing financial informaiton as of december 31, 2015.

$14,000 Accounts payable $15,000 (8,500) 3,000 Accounts receivable Supplies 50,000 48,000 Common stock Equipment 9,000 Retained earnings 17,500 Dividends Total liabilities and Total assets $74,000 stockholders' equity $74,000 Instructions Prepare a correct balance sheet. E1-14 Wyco Park, a public camping ground near the Four Corners National Recreation Co Area, has compiled the following financial information as of December 31, 2015. pre 60,000 (LC Revenues during 2015-camping fees $140,000 Notes payable Revenues during 2015-general store 47,000 Expenses during 2015 150,000 Accounts payable 11,000 Supplies on hand 2,500 Cash on hand 20,000 20,000 Common stock Original cost of equipment 105,500 Retained earnings Fair value of equipment 140,000 Instructions (a) Determine Wyco Park's net income for 2015 (b) Prepare a balance sheet for Wyco Park as of December 31, 2015