Jan Nab is the sole owner of Deer Park, a public camping ground near the Lake Mead National Recreation Area. Jan has compiled the following financial information as of December 31, 2010.

Instructions(a) Determine Jan Nab??s net income from Deer Park for 2010.(b) Prepare a balance sheet for Deer Park as of December 31,2010.

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Revenues during 2010-camping fees Revenues during 2010-general store Accounts payable Cash on hand Original cost of equipment $140,000 Market value of equipment 50,000 Notes payable 11.000 Expenses during 2010 Supplies on hand $140,000 60,000 150,000 2,500 105,500