KIM COMPANY Income Statement For the Year Ended December 31, Year 1 In Year 1 , Kim Company sold land for $105,000 cash. The land had originally cost $45,000. Also, Kim sold inventory that had cost $200,000 for $280,000 cash. Operating expenses amounted to $49,000. Required a. Prepare a Year 1 multistep income statement for Kim Company. b. Assume that normal operating activities grow evenly by 11 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 ? c. Determine the percentage change in net income between Year 1 and Year 2. (Round your answer to one decimal place.) d. Should the stockholders have expected the results determined in Requirement c ? \begin{tabular}{|l|c|} \hline \multicolumn{2}{|c|}{ KIM COMPANY } \\ \hline \multicolumn{2}{|c|}{ Income Statement } \\ \hline \multicolumn{2}{|c|}{ For the Year Ended December 31, Year 2 } \\ \hline & \\ \hline & \\ \hline Expenses & \\ \hline & \\ \hline & \\ \hline & \\ \hline Non-Operating Items & 0 \\ \hline & $ \\ \hline \hline \end{tabular}