Toni Pena is the sole owner of Deer Park, a public camping ground near the Lake Mead National Recreation Area. Toni has compiled the following financial information as of December 31, 2012

Instructions(a) Determine Toni Pena?s net income from Deer Park for 2012.

(b) Prepare a balance sheet for Deer Park as of December 31,2012.

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$140,000 65.000 11.000 23.000 105.500 Fair value of equipment Notes payable Expenses during 2012 Supplies on hand Revenues during 2012-camping fees Revenues during 2012- general store Accounts payable Cash on hand Original cost of equipment $140,000 150,000 17,500