Bear Park, a public camping ground near the Lake Mead National Recreation Area, has compiled the following financial information as of December 31, 2014.
| Revenues during 2014-camping fees |
$266,000 |
Notes payable |
$114,000 |
| Revenues during 2014-general store |
89,300 |
Expenses during 2014 |
285,000 |
| Accounts payable |
20,900 |
Supplies on hand |
4,750 |
| Cash on hand |
38,000 |
Common stock |
38,000 |
| Original cost of equipment |
200,450 |
Retained earnings |
? |
| Fair value of equipment |
266,000 |
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(a) Determine Bear Park's net income for 2014.
(b) Prepare a balance sheet for Bear Park as of December 31, 2014. (List assets in order of liquidity.)