Exercise 4-12A Multistep income statement

In 201 1, Grice I nco rpo rated so ld land for S95.000 cash. The land had o riginally cost S50.00 Also. Grice so ld inventory tha t had cost $200,000 for $275,000 cash. Operating expe ns amounted 10 S52.000. :, '""'' Required a. Preparea 2011 multiste p inco me statement for Grice Incorpo rated. b. Assume th at no rma l o peratin g activities grow evenly by !0/c, during 2012. Prepare a 2012 mul tis tep income statement of Grice Inco rporated. c. Determine the percentage change in net inco me between 2011 and 2012. d. Should the stockholders have expected the results determined in requirement ..c..? Explain your answer.