value: 10.00 points

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 $ 1,200 Accounts receivable 800 Advertising expense 400 Cash 820 Common stock 400 Cost of goods sold 1,200 Interest expense 140 Merchandise inventory 900 Prepaid rent 80 Retained earnings 1,000 Sales revenue 2,000 Salaries expense 260 Rent expense 220 Loss on sale of land 50

Required

Prepare an income statement for the year using the single-step and multi-step approach. (Loss amounts should be indicated by minus sign.)