The following information was taken from the accounts of Healthy Foods Market, a small grocery store at December 31, 2012. The accounts are listed in alphabetical order, and all have normal balances.

Accounts payable ..... $ 300

Accounts receivable .... 1,040

Advertising expense .... 200

Cash ........... 820

Common stock ...... 600

Cost of goods sold ...... 900

Interest expense ..... 140

Merchandise inventory ... 500

Prepaid rent ........ 280

Retained earnings .... 1,050

Sales revenue ...... 2,400

Salaries expense ..... 260

Supplies expense ...... 210

Gain on sale of land ..... 75

Required

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