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D16 B D E F G H 1 3 K L 1 2 In Year 1, Kim Company sold land for $80,000 cash. The land had originally cost $60,000. Also, Kim sold inventory that had $80,000 $60,000 3 cost $110,000 for $198,000 cash, Operating expenses amounted to $36,000 $110,000 $198,000 $36,000 4 5 Required 6 a. Prepare a Year 1 multistepincome statement for Kim Company, 7 8 Use cell references from the given information above to complete this question Enter amounts to be deducted with a minus sign. 9 10 KIM COMPANY 11 Income Statement 12 For the Year Ended December 31, Year 1 13 14 15 16 Expenses 17 18 19 20 Non-Operating Items 21 22 23