An inexperienced accounting intern at Krger Company prepared the following income statement for the month of July 2018: Krger Company Month of November 2020 Revenues Services provided to customers $25,000 Capital stock 12,500 Loan from bank 37,500 $75,000 $20,000 Expenses Payments to long-term creditors Expenses required to provide services to customers Purchase of equipment Net income 18,750 10,000 48,750 $ 26,250 Instructions: 1. Prepare a revised income statement in accordance with generally accepted accountin principles and 2. Explain the reasons why you revised the income statement, including or excluding some of the above items. Answer: * Krger Company Month of November 2020