Sea Surf Campground, Inc. is a public camping ground near Ocean National Park. It has the following financial information as at December 31, 2018:

Camping revenue................................$283,000

Cash..................................................19,000

Equipment.........................................124,000

Accounts payable..................................16,500

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

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

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

Operating expenses..............................245,000

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

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

Common shares issued during year.............15,000

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

Instructions

(a) Determine net income for the year.

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