Bear Park Ltd., a camping ground in the Lake District, has compiled the following financial information as of December 31, 2017.

Instructions
(a) Determine Bear Park's net income for 2017.
(b) Prepare a statement of financial position for Bear Park Ltd. as of December 31, 2017.

Revenues during 2017-camping fees Revenues during 2017-general store Accounts pavable Cash on hand Original cost of equipment Fair value of equipment 140,000 47,000 11,000 20,000 105,500 140,000 Notes payable Expenses during 2017 Supplies on hand Share capital-ordinary Retained earnings 60,000 150,000 2,500 20,000