Bear Park, 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 as of December 31, 2020.

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Revenues during 2020–camping fees Revenues during 2020-general store Accounts payable Fair value of land Notes payable Expenses during 2020 £140,000 65,000 11,000 £140,000 60,000 160,000 Cash on hand 23,000 115,500 Accounts receivable 17,500 Land