The following information was taken from the accounts of Green Market, a small grocery store, at December 31, Year 1. The accounts are listed in alphabetical order, and all have normal balances. Dollar amounts are given in thousands. Accounts payable Accounts receivable Advertising expense Cash Common stock Cost of goods sold Interest expense Merchandise inventory Prepaid rent Retained earnings, 1/1/Year 1 Sales revenue Salaries expense Rent expense Gain on sale of land $ 605 405 200 415 205 600 65 400 45 640 1,050 180 100 90 Required Prepare an income statement for the year using the single-step and multistep approach. (Enter values in thousands of dollars. Amounts to be deducted and losses should be indicated with a minus sign.) Single-step 1,050 GREEN MARKET Income Statement For the Year Ended December 31, Year 1 Net sales revenue $ Expenses Cost of goods sold $ 600 Advertising expense 200 Interest expense 65 Salaries expense 180 Rent expense 100 Total cost and expenses Gain on sale of land Net income (loss) (1,145) 90 (5) Multistep 1,050 (600) GREEN MARKET Income Statement For the Year Ended December 31, Year 1 Net sales revenue $ Cost of goods sold Gross margin Operating expenses Advertising expense 600 Salaries expense 180 Rent expense 450 100 (880) (430) Total operating expenses Operating income (loss) Non-operating items Gain on sale of land 90 Interest expense Net income (loss)