Loren Satina is the only owner of Clear View Park, a public camping ground near the Lake Mead National Recreation Area. Loren has compiled the following financial information as of December 31, 2022.

Instructionsa. Determine Loren Satina?s net income from Clear View Park for 2022.b. Prepare a balance sheet for Clear View Park as of December 31, 2022.

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Service revenues during 2022 Accounts payable Cash on hand Original cost of equipment Fair value of equipment Notes payable Expenses during 2022 Accounts receivable $205,000 $140,000 23,000 105,500 150,000 17,500