An inexperienced accountant for Prestwick Company prepared the following income statement for the month of August, current year. PRESTWICK COMPANY AUGUST 31, CURRENT YEAR Revenues: Services provided to customers Investment by stockholders Loan from bank Expenses: Payments to long-term creditors Expenses required to provide services to customers Purchase of land $ 17,000 5,000 15,000 $ 37,000 $ 11,700 7,800 16,000 35,500 $ 1,500 Net income Prepare a revised income statement in accordance with generally accepted accounting principles. PRESTWICK COMPANY Income Statement For the Month Ended August 31, Current Year