Bear Park Ltd., a camping ground in the Lake District, has compiled the following financial information as of December 31, 2025.

Instructions

a. Determine Bear Park’s net income for 2025.

b. Prepare a statement of financial position for Bear Park Ltd. as of December 31, 2025.
Prepare an income statement and comprehensive income statement.

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Revenues during 2025-camping fees 140,000 Revenues during 2025-general store Accounts payable Cash on hand 47,000 11,000 20,000 Share capital-ordinary Notes payable Expenses during 2025 Supplies on hand 60,000 150,000 2,500 20,000 Original cost of equipment 105,500 Retained earnings ? Current value of equipment 140,000