CCOUNTING

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

(a) Determine Bear Park’s net income for 2014.

Bear Park's net income

$

$

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