In Year 1, Kim Company sold land for $112,000 cash. The land had originally cost $43,000. Also, Kim sold inventory that had cost $193,000 for $281,000 cash. Operating expenses amounted to $50,000. Required. Prepare a Year 1 multi step income statement for Kim Company.

Assume that normal operating activities grow evenly by 18% during Year 2. Prepare a Year 2 multistep income statement for Kim Company.

Determine the percentage change in net income between Year 1 and Year 2. (Round your answer to one decimal place.)

KIM COMPANY Income Statement For the year ended December 31, Year 1 Expenses Non-Operating Items KIM COMPANY Income Statement For the year ended December 31, Year 2 Expenses Non-Operating Items Net income by 0