The following items, listed in alphabetical order, are taken from the records of Grizzly Inc., a chain of outdoor recreational stores in the Northwest. Use the items to prepare two statements. First, prepare an income statement for the year ended December 31, 2008. The income statement should be in multiple-step form. Second, prepare a classified balance sheet at December 31, 2008. All amounts are in thousands of dollars.

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Accounts payable $ 6,500 Accounts receivable 8,200 Accumulated depreciation-buildings 25,000 Accumulated depreciation-furniture and fixtures 15,000 Advertising expense 3,100 Buildings 80,000 Capital stock, $1 par, 10,000 shares issued and outstanding 10,000 Cash 2,400 Commissions expense 8,600 Cost of goods sold 110,000 Depreciation on buildings 2,500 Depreciation on furniture and fixtures 1,200 Furniture and fixtures 68,000 Income taxes payable Income tax expense Insurance expense Interest expense 2,200 13,000 2,000 12,000 Interest payable 1,000 Interest revenue 2,000 Land 100,000 Long-term notes payable, due December 31, 2016 120,000 Merchandise inventories Office supplies Paid-in capital in excess of par value Prepaid rent Rent expense for salespeople's autos Retained earnings Salaries and wages for office staff Sales revenue 6,000 900 40,000 3,000 9,000 48,800 11,000 190,000