Exercise $4-14$A $($Algo$)$ Single$-$step and multistep income statements LO $4-6$

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. Dollar amounts are given in thousands.

Accounts payable $ $865$

Accounts receivable $2,380$

Advertising expense $652$

Cash $2,110$

Common stock $2,650$

Cost of goods sold $3,600$

Interest expense $146$

Merchandise inventory $1,510$

Prepaid rent $785$

Retained earnings, $1/1/$Year $22,740$

Sales revenue $6,510$

Salaries expense $986$

Rent expense $575$

Gain on sale of land $330$

Required

Prepare an income statement for the year using the single$-$step and multistep approach.