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Cullumber Lakes Park is a private camping ground near the Mount Miguel Recreation Area. It has...

Cullumber Lakes Park is a private camping ground near the Mount Miguel Recreation Area. It has compiled the following financial information as of December 31, 2022.

Service revenue (from camping fees)

$176,300

Dividends

$13,500

Sales revenue (from general store)

28,700

Notes payable

75,000

Accounts payable

16,500

Expenses during 2022

158,500

Cash

12,750

Supplies

8,250

Equipment

171,000

Common stock

60,000

Retained earnings (1/1/2022)

7,500

Determine Cullumber Lakes Park’s net income for 2022.

Cullumber Lakes Park’s net income for 2022 $enter Cullumber’s net income for 2022 in dollars

Prepare a retained earnings statement for Cullumber Lakes Park year ended December 31, 2022. (List items that increase retained earnings first.)

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Cullumber Lakes Park Statement of Income For the period ending 31.12.2022 Service revenue (from camping fees) Sales revenue (

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