Exercise 4-13A (Algo) Multistep income statement LO 4-6 In Year 1, Kim Company sold land for $111,000 cash. The land had originally cost $57,000. Also, Kim sold inventory that had cost $190,000 for $289,000 cash. Operating expenses amounted to $47,000. Required a. Prepare a Year 1 multistep income statement for Kim Company. b. Assume that normal operating activities grow evenly by 19 percent during Year 2. Prepare a Year 2 multistep income statement for Kim Company. c. Determine the percentage change in net income between Year 1 and Year 2. d. Should the stockholders have expected the results determined in Requirement c? Chec

Exercise 4-13A (Algo) Multistep income statement LO 4-6 In Year 1, Kim Company sold land for $111,000 cash. The land had originally cost $57,000. Also, Kim sold inventory that had cost $190,000 for $289,000 cash. Operating expenses amounted to $47,000. Required a. Prepare a Year 1 multistep income statement for Kim Company. b. Assume that normal operating activities grow evenly by 19 percent during Year 2 . Prepare a Year 2 multistep income statement for Kim Company. c. Determine the percentage change in net income between Year 1 and Year 2. d. Should the stockholders have expected the results determined in Requirement c? Exercise 4-13A (Algo) Multistep income statement LO 4-6 In Year 1, Kim Company sold land for $111,000 cash. The land had originally cost $57,000. Also, Kim sold inventory that had cost $190,000 for $289,000 cash. Operating expenses amounted to $47,000. Required a. Prepare a Year 1 multistep income statement for Kim Company. b. Assume that normal operating activities grow evenly by 19 percent during Year 2 . Prepare a Year 2 multistep income statement for Kim Company. c. Determine the percentage change in net income between Year 1 and Year 2. d. Should the stockholders have expected the results determined in Requirement c