Park A is a private camping ground. It has compiled the following financial information as of December 31, 2017.
Service revenue (from camping fees) $132,000
Dividends $ 9,000
Sales revenue (from general store) 25,000
Notes payable 50,000
Accounts payable 11,000
Expenses during 2017 126,000
Cash 8,500
Supplies 5,500
Equipment 114,000
Common stock 40,000
Retained earnings (1/1/2017) 5,000
1) Determine net income for 2017.
2) Show retained earnings statement and a balance sheet for Park A as of December 31, 2017.