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E1-14 Deer Park, a public camping ground near the Lake Mead National Recreation Area,has compiled the following financial information as of December 31, 2008

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E1-14 Deer Park, a public camping ground near the Lake Mead National Recreation Area,has compiled the following financial information as of December 31, 2008:

___Revenues during 2008—camping fees $140,000
___Notes payable $ 60,000
___Revenues during 2008—general store 50,000
___Expenses during 2008 150,000
___Accounts payable 11,000
___Supplies on hand 2,500
___Cash on hand 23,000
___Common stock 20,000
___Original cost of equipment 105,500
___Market value of equipment 140,000
___Retained earnings ?

Instructions:
(a) Determine Deer Park’s net income for 2008.
(b) Prepare a balance sheet for Deer Park as of December 31, 2008.

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