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Required: a-1. Compute the percentage of growth in net income from Year 1 to...

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Accounting

Required:
a-1. Compute the percentage of growth in net income from Year 1 to Year 2
a-2. Can stockholders expect a similar increase between Year 2 and Year 3?
c. Assuming that MIC experiences the same percentage of growth from Year 2 to Year 3 as it did from Year 1 to Year 2, determine the amount of income from continuing operations that the owners can expect to see on the Year 3 income statement.
d. During Year 3, MIC experienced a $64,000 loss due to storm damage. Liabilities and common stock were unchanged from Year 2 to Year 3. Use the information that you computed in Requirement c plus the additional information provided in the previous two sentences to prepare an income statement for the year ended December 31, Year 3, and balance sheet as of December 31, Year 3.
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