Brief Exercise $3-6($Algo$)$ Preparing a multistep income statement containing a gain on sale. LO $3-6$

In Year $1,$ Evelyn's Cookware Company sold land for $$228,000$ cash. The land had originally cost $$145,200.$ Also, Evelyn's sold

inventory that had cost $$74,000$ for $$118,000$ cash. Operating expenses amounted to $$36,200.$

Required:

Prepare a Year $1$ multistep income statement for Evelyn's Cookware Company