O'Conner Services, Inc., began 2016 with total assets of $235 million and ended 2016 with assets of

Question:

O'Conner Services, Inc., began 2016 with total assets of $235 million and ended 2016 with assets of $355 million. During 2016, O'Conner Services earned revenues of $397 million and had expenses of $164 million. O'Conner Services paid dividends of $29 million in 2016. Prepare the company's income statement for the year ended December 31, 2016, complete with an appropriate heading.