An Inexperienced Accounting Intern at Tasso Company Prepared the Following

An inexperienced accounting intern at Tasso Company prepared the following income statement for the month of July, 2009:
$\begin{array}{c}\text {Tasso Company}\\\text {Month of July, 2009}\\\begin{array}{|l|r|r|}\hline \text { Revenues: } & & \\\hline \text { Services provided to customers } & \$ 25,000 & \\\hline \text { Share Capital } & 12,500 & \\\hline \text { Loan from bank } & \underline{37,500} & \$ 75,000 \\\hline & & \\\hline \text { Expenses: } & & \\\hline \text { Payments to long-term creditors } & \$ 20,000 & \\\hline \text { Expenses required to provide services to } & & \\\hline \text { Customers } &18,750 \\ \hline \text { Purchase of equipment } & 10,000 & 48,750 \\ \hline \text { Profit for the month } & & \$ 26,250 \\\hline\end{array}\end{array}$ Instructions: Prepare a revised income statement in accordance with generally accepted accounting principles.