a. Draw the cash flow diagram. b. For how many years starting September1, 2008 can scholarship be awarded? c. What will be the balance in the fund after the last award is made?

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Income Statement

Income Statement also commonly called a profit and loss statement, one of the key financial statements (considered together with balance sheet and cash flow statement) which shows the revenues and expenses, as well as the gains and losses of a company for a given period. In other words, it presents the financial performance/profitability of a business over a specified accounting period.