During the year ended December 31, 2016, Speers Ltd. had revenues of $2,250,000 and expenses of $1,875,000.

Question:

During the year ended December 31, 2016, Speers Ltd. had revenues of $2,250,000 and expenses of $1,875,000. In addition, the company had other comprehensive income of $37,500.

Required:
Prepare an income statement and a statement of comprehensive income for Speers Ltd. for the year ended December 31, 2016.