During the year ended August 31, 2017, Vaughn Ltd. had revenues of $25,000,000 and expenses of $16,850,000.

Question:

During the year ended August 31, 2017, Vaughn Ltd. had revenues of $25,000,000 and expenses of $16,850,000. In addition, the company had other comprehensive income of $-155,000.

Required:
Prepare an income statement and a statement of comprehensive income for Vaughn
Ltd. for the year ended August 31, 2017.