In Year 1, Evelyn's Cookware Company sold land for $220,000 cash. The land had originally cost $138,000. Also, Evelyn's sold inventory that had cost $70,000 for $110,000 cash. Operating expenses amounted to $33,000. Required: Prepare a Year 1 multistep income statement for Evelyn's Cookware Company Evelyn's Cookware Company Multistep Income Statement For the Year Ended December 31, Year 1 Sales revenue Cost of goods sold Expenses 0 Operating expenses Nonoperating items Gain on the sale of land 0 $ 0