The following information was taken from the accounts of Green Market, a delicatessen, at December 31, Year 2. The accounts are listed in alphabetical order, and each has a normal balance.

Accounts payable	$ 800
Accounts receivable	2,250
Advertising expense	600
Cash	1,850
Common stock	2,000
Cost of goods sold	2,950
Interest expense	120
Merchandise inventory	1,250
Prepaid rent	720
Retained earnings 1/1/Year 2	2,610
Sales revenue	5,600
Salaries expense	960
Rent expense	510
Gain on sale of land	200

Required

First, prepare an income statement for the year using the single-step approach. Then prepare another income statement using the multistep approach.