References Mailings Review View Acrobat 7 11 - AA AaBbCcDC|AaBbCCDc AaBbCi AaBbCc AaBI abe x x' A1 2 A - Normal No Spaci.. Heading 1 Heading 2 Title Sub Font Paragraph Styles c) The fact that inventory is valued at the lower of cost or net realizable value d) The amount inventory is written up above its original cost SECTION B- 80 Marks Question 1 - Financial Statements (20 marks) Judy Cumby is the sole owner of Deer Park, a public camping ground near Gros Morne National Park. Judy has gathered the following financial information for the year ended March 31, 2017: Revenues-camping fees $150,000 Revenues-general store $ 40,000 Operating expenses 150,000 Cash on hand 9,400 Supplies on hand 2,500 Original cost of equipment 110,000 Fair value of equipment 125,000 Notes payable 70,000 Accounts payable 11,500 J. Cumby, capital, April 1, 2016 17,000 Accounts receivable 21,000 J. Cumby, drawings 5,000 Camping fees collected for 10,000 Insurance paid for in advance for April to June 600 Apri 2017 Instructions ) Calculate Deer Park's profit for the year. Multi-step Income statement. b) Calculate Judy's owner's equity for the period ended March 31, 2017. c) Prepare a Classified balance sheet at March 31, 2017. O hp insort sc delete 8