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 607 407 200 417 207 600 63 380 47 642 1,070 200 100 112 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 Expenses Total cost and expenses 0 Not 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)