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 $605 Accounts receivable 405 Advertising expense Cash 200 415 Common stock 205 600 Cost of goods sold Interest expense 65 Merchandise inventory 400 Prepaid rent 45 Retained earnings, 1/1/Year 1 640 Sales revenue 1,050 Salaries expense 180 Rent expense 100 Gain on sale of land 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 es 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 GREEN MARKET Income Statement For the Year Ended December 31, Year 1. Expenses Cost of goods sold Advertising expense Salaries expense Rent expense Total cost and expenses Gain on sale of land Net income (loss) Multistep GREEN MARKET Income Statement For the Year Ended December 31, Year 1- Operating expenses Total operating expenses Operating income (loss) Non-operating items Net income (loss)