es 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 $15,000 Investment by stockholders: 5,000 Loan from bank Expenses: 15,000 $35,000 Payments to long-term creditors $11,700 Expenses required to provide services to customers. 8,500 Purchase of land. 16,000 36,200 Net loss $ 1,200 Prepare a revised income statement in accordance with generally accepted accounting principles. PRESTWICK COMPANY Income Statement For the Month Ended August 31, Current Year