In Year 1, Kim Company sold land for $108,000 cash. The land had originally cost $54,000. Also, Kim sold inventory that had cost $187,000 for $284,000 cash. Operating expenses amounted to $35,000 Required a. Prepare a Year 1 multistep income statement for Kim Company. KIM COMPANY Income Statoment For the year ended December 31, Year Expenses Non-Operating Items b. Assume that normal operating activities grow evenly by 15% during Year 2. Prepare a Year 2 multistep income statement for Kim Company KIM COMPANY Income Statement For the year ended December 31, Year 2 Expenses tems c. Determine the percentage change in net income between Year 1 and Year 2. (Round your answer to one decimal place.) Net income d. Should the stockholders have expected the results determined in Requirement c? Yes No