The following information was drawn from the records of Harper Sales Company:

Required
a. Prepare a multistep income statement for each year.
b. Prepare a common size income statement for each year.
c. At a recent meeting of the stockholders, Harper€™s president stated 2015 would be a very good year with net income rising significantly. Write a brief memo explaining whether you agree or disagree with the president. Assume that the operating trends between 2013 and 2014 continue through2015.

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2013 2014 Net sales Cost of goods sold Operating expenses Loss on the sale of land $200,000 $200,000 8,000) 60,000) (50,000) -0(24,000) (90,000)