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 ..................................................................$ 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 1 ..................................................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.