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.

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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