Wyco Park, a public camping ground near the Four Corners National Recreation Area, has compiled the following financial information as of December 31, 2020.

Instructions

Determine Wyco Park's net income for 2020. Prepare a balance sheet for Wyco Park as of December 31, 2020.

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Revenues during 2020-camping $140,000 Notes payable 2$ 60,000 fees |150,000 Revenues during 2020-general 47,000 Expenses during 2020 store Accounts payable 11,000 Supplies on hand 2,500 Cash on hand 20,000 Common stock 20,000 Original cost of equipment Fair value of equipment 105,500 Retained earnings 140,000