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E1-14 Deer Park a public camping ground near the Lake MeadNational Recreation Area has compiled the following financialinformation as of December 31 2008.Revenues during 2008camping fees $140000 Notes payable $60000Revenues during 2008general store 50000 Expenses during 2008150000Accounts payable 11000 Supplies on hand 2500Cash on hand 23000 Common stock 20000Original cost of equipment 105500 Retained earnings ?Market value of equipment 140000Instructions(a) Determine Deer Parks net income for 2008.(b) Prepare a balance sheet forDeer Park as of December 312008