4 In Year 1, Kim Company sold land for $80,000 cash. The land had originally cost $60,000. Also, Kim sold inventory that h- $110,000 for $198,000 cash. Operating expenses amounted to $36,000. Ints Required a. Prepare a Year 1 multistep income statement for Kim Company. eBook KIM COMPANY Income Statement Print References For the year ended December 31, Year 1 Sales revenue $ 198,000 Cost of goods sold 110,000 Gross margin 88,000 Expenses Operating expenses 36,000 52,000 Operating income Non-Operating Items $ 52,000 4 nts b. Assume that normal operating activities grow evenly by 10% during Year 2. Prepare a Year 2 multistep income sta Company. eBook KIM COMPANY Print Income Statement eferences For the year ended December 31, Year 2 Sales revenue 0 Cost of goods sold Gross margin Expenses Operating expenses 0 Non-Operating Items $ 0 Saved Help Save 1 c. Determine the percentage change in net income between Year 1 and Year 2. (Round your answer to nearest whole pe ok Net income t by % aces