Bear Park Ltd., a camping ground in the Lake District, has compiled the following financial information as of December 31, 2020.

Instructions

a. Determine Bear Park’s net income for 2020.

b. Prepare a statement of financial position for Bear Park Ltd. as of December 31, 2020.

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Notes payable Expenses during 2020 Supplies on hand Revenues during 2020–camping fees Revenues during 2020-general store Accounts payable Cash on hand Original cost of equipment Fair value of equipment £ 60,000 150,000 2,500 £140,000 47,000 11,000 20,000 Share capital-ordinary Retained earnings 20,000 105,500 140,000