The following information was taken from the accounts of Healthy Eats, a delicatessen, at December 31, 2014. The accounts are listed in alphabetical order, and each has a normal balance. Accounts payable $ 607 Accounts receivable 407 Advertising expense 200 Cash 417 Common stock 207 Cost of goods sold 600 Interest expense 63 Merchandise inventory 380 Prepaid rent 47 Retained earnings 642 Sales revenue 1,070 Salaries expense 200 Rent expense 100 Loss on sale of land 112 Required Prepare an income statement for the year using the single-step and multi-step approach. (Loss amounts should be indicated by minus sign.)