An inexperienced accountant for Prestwick Company prepared the following income statement for the r Revenues: Services provided to customers PRESTWICK COMPANY AUGUST 31, CURRENT YEAR Investment by shareholders Loan from bank Expenses: Payments to long-term creditors Expenses required to provide services to customers Purchase of land Profit $ 14,000 5,000 15,000 $ 34,000 $ 11,700 7,500 16,000 35,200 $ 1,200 Prepare a revised income statement in accordance with generally accepted accounting principles.