Problem 4-27A Multistep and common size income statements LO 4-6, 4-8 The following information was drawn from the records of Toner Sales Company: Year 1 Year 2 Net sales $ 78,000 $ 78,000 Cost of goods sold (35,100) (37,440) Operating expenses (9,360) (21,840) Loss on the sale of land @ (9,360) Required: a. Prepare a multistep income statement for each year. (Amounts to be deducted should be indicated with minus sign.) TONER SALES COMPANY Multintop Income Statement For the Years Ended December 31, Year 1 and Year 2 Year 1 Year 2 0 0 0 0 S $ 0 b. Prepare a common size income statement for each year. TONER SALES COMPANY Common Size Income Statement For the Years Ended December 31, Year 1 and Year 2 Year 1 % Year 2 % 0 0 0 0 0 0 0 0 0 0 % $ 0 0 %