Toby and Talea McKellar are the joint owners of Beaut Beach Caravan Park, which is near a swimming beach popular during the summer months. The park provides not only camping facilities for caravans and tents but also up-market cabins with kitchenettes and ensuites. For the year ended 30 June 2019, Toby and Talea determined the following fnancial information for their business.
Required
(a) Prepare an income statement for Beaut Beach Caravan Park for the year ended 30 June 2019.
(b) Prepare a balance sheet for the business as at 30 June 2019.
(c) Explain why you have used a particular valuation for the buildings in the balance sheet