In Year 1, Kim Company sold land for $101,000 cash. The land had originally cost $40,000. Also, Kim sold inventory that had cost $182,000 for $292,000 cash. Operating expenses amounted to $38,000. Required a. Prepare a Year 1 multistep income statement for Kim Company. b. Assume that normal operating activities grow evenly by 15 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? Complete this question by entering your answers in the tabs below. Req A Req B Req C and D Prepare a Year 1 multistep income statement for Kim Company. KIM COMPANY Income Statement For the Year Ended December 31, Year 1 Expenses Non-Operating Items 0 0 $ 0