Deer Track Park is a private camping ground near the Lathom Peak Recreation Area. It has compiled the following financial information as of December 31, 2012

Instructions(a) Determine Deer Track Park's net income for 2012.(b) Prepare a retained earnings statement and a balance sheet for Deer Track Park as of December 31, 2012.(c) Upon seeing this income statement, Ken Zilber, the campground manager, immediately concluded, 'The general store is more trouble than it is worth-let's get rid of it.'? The marketing director isn't so sure this is a good idea. What do you think?

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Revenues during 2012: camping fees Revenues during 2012: general store Accounts payable Cash Equipment $132,000 Dividends Notes payable $ 9,000 11,000 Expenses during 2012 126,000 5,500 40,000 5,000 114,000 Common stock Retained earmings (1/1/2012)