EP Lawyers operates a number of Law firms in Melbourne and Sydney. The following information listed in the table below relates to a number of accounts from the trial balance of EP Lawyers (post adjustments) for the year ending 30 June 2019.

Accounts $ Accounts payable 96 000 Telephone expense 30 285 Services revenue 663 750 Buildings 650 000 Office equipment 18 000 Cash at Bank 71 020 Advertising expense 30 375 Accounts receivable 108 000 Salaries & Wages 191 700 Mortgage payable 870 000 Office supplies 27 000 Capital 355 885 Office materials expense 137 565 Drawings 67 500 Land 360 000 Rent expense 60 390 Utilities (gas/water, etc.) 71 910

Required: a) Based on the information provided in the table above, prepare the Income Statement for EP Lawyers. (5 marks)

b) In your own words, explain what the purpose of a statement of comprehensive income is and who do you think would use it? Justify your answer.