Sea Surf Campground, Inc. is a public camping ground in Ocean National Park. It has the following financial information as at December 31, 2015:

Camping revenue..............................................................$168,000

Accounts payable..............................................................      5,000

Bank loan payable.............................................................    50,000

Cash.....................................................................................     7,500

Equipment..........................................................................  119,000

Income tax expense..........................................................    10,000

Dividends............................................................................    12,000

Operating expenses..........................................................   130,000

Supplies..............................................................................        2,500

Common shares, Jan. .......................................................   1 30,000

Common shares issued during year................................     10,000

Retained earnings, Jan. 1...................................................     18,000

Instructions

(a) Determine profit for the year.

(b) Prepare a statement of changes in equity and a statement of financial position for the year.