Sea Surf Campground, Inc. is a public camping ground in Ocean National Park. It has the following financial information as at December 31, 2012:

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 statement of financial position for the year