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The following information was drawn from the records of Toner Sales Company: Year 1 Year 2 Net sales Cost of goods sold Operating expenses $

The following information was drawn from the records of Toner Sales Company: Year 1 Year 2 Net sales Cost of goods sold Operating expenses $ 60,000 $60,000 (21,000) (22,200) (9,000) (15,600) Loss on the sale of land 0 (10,200) Required: a. Prepare a multistep income statement for each year. TONER SALES COMPANY Multistep Income Statement For the Years Ended December 31, Year 1 and Year 2 Year 1 Year 2 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

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