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The following information was taken from the accounts of Green Market, a small grocery store, at December 31, Year 2. The accounts are listed in alphabetical order, and all have normal balances. Accounts payable Accounts receivable Advertising expense Cash Common stock Cost of goods sold Interest expense Merchandise inventory Prepaid rent Retained earnings, 1/1/Year 2 Sales revenue Salaries expense Rent expense Gain on sale of land $ 612 412 200 422 212 700 58 330 52 647 1,120 250 100 67 Required Prepare an income statement for the year using the single-step and multistep approach. (Amounts to be deducted and losses should be indicated with a minus sign. ) Single-step GREEN MARKET Income Statement For the Year Ended December 31, Year 1 $ 0 Expenses Advertising expense $ 200 Required Prepare an income statement for the year using the single-step and multistep approach. (Amounts to be deducted and losses should be indicated with a minus sign. ) Single-step GREEN MARKET Income Statement For the Year Ended December 31, Year 1 $ 0 Expenses Advertising expense Salaries expense $ 200 250 100 Rent expense Interest expense 58 Total cost and expenses (608) Net income (loss) Multistep GREEN MARKET Income Statement For the Year Ended December 31, Year 1 Operating expenses 0 Total operating expenses Operating income (loss) Non-operating items Net income (loss)

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