Saira Morrow is the sole owner of Buena Vista Park, a public camping ground near the Crater Lake National Recreation Area. Saira has compiled the following financial information as of December 31, 2020.

Instructions
a. Determine Saira Morrow€™s net income from Buena Vista Park for 2020.
b. Prepare a balance sheet for Buena Vista 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 equipment Notes payable Expenses during 2020 Accounts receivable $140,000 65,000 $140,000 60,000 11,000 160,000 17,500 Cash on hand 23,000 Original cost of equipment 115,500